What Is a Second Mortgage?

Second MortgagesHaving two mortgages attached to your home is not a bad thing. For years, U.S. homeowners have used second mortgages for basic financial security.

Source: What Is a Second Mortgage?

For the past several months, I have focused my posts on the Fed and interest rates.  Well, now we all know – rates went up 25 BPS this month.  Of course, the topic de jure is what will happen to rates in the short run and the overall effect on the economy.  I am going in a different direction – mostly because I am tired of posts on interest rates.  Let’s take a look at mortgage industry products – today’s product for discussion will be the “second mortgage”.

Over the next several weeks, I am going to get back to mortgage product related information.  There are so many wonderful information sources for the mortgage industry on the web.  In my day to day work I also answer many insightful and important questions from customers about financing and how to find the right mortgage product.  Questions such as will the IRS subordinate a lien, what happens to HELOCs after 10 years, and how is income history handled in the case of divorce are all important questions and require the expertise of financial professionals.

The post today pertains to second mortgages.  This article is a good introduction to the subject.  Hopefully it will answer some questions and generate a few more.  As always, feel free add a comment and keep the dialogue going.

Happy House Hunting!

Mike
mnelson@genevafi.com
@michaelfnelson2
720.213.6260
NMLS: 1314188

Second Mortgages
NMLS: 42056

 

 

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