Home

mortgage Directory


More
mortgage Articles

WRITERS WANTED! (click-me)

Feature Article:

Home Equity Line Of Credit Or Second Mortgage Loan Online - Things To Do With Your Homes Equity
If you are wanting to get a home equity loan, rates are still low enough that you may want to make use of that equity in your home. Do you need some ideas on what you could do to multiply your equity or make some extra money off of the capital that...
...Read More

www.bigmailnow.com


 

A Second Mortgage Vs. A Home Equity Loan

www.bigmailnow.com       Navigation

If you own your home and need a loan for whatever reason you have probably considered a second mortgage or a home equity loan to help you pay your bills, buy a new car, or pay for some other investment. However, you probably donít know whether a second mortgage is better or worse than a home equity loan for your particular situation. However, donít despair because there are some tips that will help you decide whether a second mortgage or home equity loan is for you.

Second Mortgage Tip #1 One Time Expenses

A second mortgage is the preferred option if you have a one time big expense you need to cover. Examples of this include remodeling your kitchen, paying for a wedding, or buying a new car. In these instances a second mortgage will probably work best for you; however this will depend on the equity in your home and your credit score.

Second Mortgage Tip #2 Recurring Expenses

If you are going to have recurring expenses then you might not want a second mortgage because a home equity loan will work out better for you. The second mortgage is best for large amounts of money at once while recurring expenses like tuition are better paid for with a home equity line of credit.

Second Mortgage Tip #3 Repayment

You will also need to consider your ability to repay and which option will suit you best. A second mortgage can be financed similarly to your first mortgage, while the home equity loan can be paid back more like a credit card. Consider your financial position and ability to make monthly payments before applying for either a second mortgage or a home equity loan.

If you still donít know whether a second mortgage or home equity line of credit is for you, then talk with your lender and see what is recommended for your equity, credit, and ability to repay the loan.

About The Author

Jay Moncliff is the founder of http://www.new-mortgage-center.info a website specialized on Mortgage, resources and articles. This site provides updated information on Mortgage. For more info on Mortgage visit: http://www.new-mortgage-center.info.

www.bigmailnow.com

More Reading:


Easing Your Way Into Homeownership A Guide To Low Down Payment Mortgage Programs

Is Home Mortgage Refinancing Really Worth It

Home Equity Mortgage

 
Real Estate Lender Get Approved For A Mortgage Loan Online

Chattanooga Mortgage

Getting a Nashville Mortgage Quote

mortgage Home

mortgage Directory

Additional Reading


Easing Your Way Into Homeownership: A Guide To Low Down Payment Mortgage Programs
Thereís no question about it: Buying a first home is a big financial commitment. In most cases, a home is the largest single purchase an individual or family will make in a lifetime. However, because of the tax advantages afforded to...
...Read More

Is Home Mortgage Refinancing Really Worth It?
Is it really worth it? Excellent question... since the refinancing process can take upwards of 2-3 months to complete, plus the expenses and hassles of refinancing may outweigh the benefits. Not everyone should refinance just because rates are...
...Read More

Home Equity Mortgage
A Home Equity Mortgage is a loan that you can raise as a homeowner. The money you borrow is provided against the security of your home. This means that the person who has lent you the money can take over your home if you fail to repay the loan. To...
...Read More



 

 

Internet Search for: http//wwwnew-mortgage-centerinfo, second, mortgage

[an error occurred while processing this directive]


 

 

Copyright    www.bigmailnow.com