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A second mortgage is a type of loan that lets you borrow against the value of your home. Your home is an asset, and over time, that asset can gain value. Second mortgages, also known as home equity lines of credit (HELOCs) are a way to use that asset for other projects and goals-without selling it.
Bankrate’s rate table compares today’s home mortgage & refinance rates. Compare lender APR’s and find ARM or fixed rate mortgages & more.
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Second mortgages – also known as second-charge mortgages – are a type of secured loan and an alternative to remortgaging. Before the 2007-8 financial crisis, rules surrounding second mortgages were more lax, but since then it’s become far harder to get one.
A second mortgage – also referred to as a home equity loan or home equity line of credit – is just what it sounds like: another (second) mortgage on your home. Like with your original mortgage, your second mortgage is secured by your home, meaning that if you don’t pay the loan, the bank can take your home.
While most lenders provide the best second mortgage loan with a fixed percentage rate there are lenders who will provide them as ARM’s or adjustable rate mortgage loans. With these types “The devil is in the details” and the terms by which the rate can be adjusted must be fully understood.
Second mortgages like home equity loans, home equity lines of credit, and cash-out refinance offer cheaper ways of borrowing cash than an unsecured personal loan or credit cards. By putting up your property as collateral, lenders are willing to take on more risk and to therefore offer a lower rate.