Second Mortgage Financing and Personal Lines of Credit

Second mortgage financing is generally sought by people looking to consolidate debt, finance home renovations, education, business ventures and more…

Second mortgage financing can come in very handy. Second mortgage financing is convenient and flexible because it has nothing to do with your first mortgage and will have its own amortization so you can make it shorter and pay it off faster.

Even people who have difficulty proving their income or those with bruised credit can often obtain second mortgage financing. It simply means that you need to have more equity in your home to offer the lender more security.

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Home Equity Lines of Credit

These do the same thing that a second mortgage does. However, once paid off you can borrow against it again without having to refinance your home again. The challenge with home equity lines of credit is that even at an incredibly low interest rate, they bear monthly compound interest, very low monthly minimum payments (almost interest only) and are like taking out a giant credit card. We prefer second mortgages because through your amortization you can pre-dictate exactly when the debt will be paid off.