A second mortgage, in the form of a home equity loan or home equity line of credit, may enable you to use your real estate equity for various purposes, including home improvement, college tuition, and debt consolidation.
A mortgage loan agreement is a contract between the buyer and lender that outlines the terms and conditions for repayment of the debt. Homeowners in good standing have the option of taking out a second mortgage.
With today's economy, many people have taken out or are currently contemplating taking out a second mortgage. Visitors can learn the differences between a home equity loan and a home equity line of credit.