What Is A Second Mortgage?

A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or 1st mortgage lender's lien, hence the term second mortgage.

A second mortgage is also sometimes referred to as a home equity loan. There is no difference between a home equity loan and a second mortgage. These are just two different terms for the same subject.

A second mortgage can either be a fixed-rate loan or an adjustable-rate credit line. Interest rates and loan program terms will vary from lender to lender so it is important to shop around and compare before committing to any one offer.

Loan proceeds from a second mortgage loan can be used for just about anything. Many consumers take out 2nd mortgage loans to consolidate debt, do home improvements or pay for their kids college education. Whatever you decide to do with your loan proceeds it is important to remember that if you default on your payment you can lose your home so you will want to make sure that you are taking the loan out for a worthwhile purpose.

Another plus of a second mortgage loan is that the interest you pay back on the loan may be tax deductible. Consult your tax advisor regarding your personal situation but in most cases the interest is 100% fully deductible as long as the combined loan to value of your 1st and 2nd mortgage do not exceed the value of your home.

For more information on second mortgage loans, or to compare rates and programs of second mortgage loan lenders visit http://www.equityloansource.com

Levetta Rivera is a successful mortgage broker and publisher of the following financial websites: http://www.equityloansource.com and http://www.militaryvaloan.com

---

Free Money Saving Auto and Home Loan Tips

Free Auto Loan TipsThe following tips should help increase your... Read More

Motorcycle Loans For Military With Bad Credit

Motorcycle loans for military with bad credit aren't hard to... Read More

PayDay & Cash Advance Loans Online ? How Do Online Payday Loans Work?

How online payday loans or cash advance loans work? Online... Read More

Boat Loans ? Steering Way Towards a Bon Voyage

In the full moon night, on a lovely morning you... Read More

No Fax Payday Loans Online for a Fast Cash Advance Loan

For a fast cash advance loan, no fax payday loans... Read More

Military Payday Loans! The Before Pay Check Financial Fiasco, is History Now

Working under the most prestigious service of the country ?... Read More

Getting That Car Loan: Simple Interest Is The Best

So here's the situation: you are buying a car but... Read More

Used Car Loans - 3 Tips For Financing Your Used Vehicle Online

Financing the purchase of a used vehicle can be done... Read More

First Time Buyer Mortgage ?Key to your First Home

Living in a rented apartment since long. Ever thought of... Read More

The Basics of Finding a Loan for People with Bad Credit

If you've ever tried finding a loan for people with... Read More

Is Getting A Personal Loan With Bad Credit Impossible? Think Again

A bad credit history is like having contracted an infectious... Read More

Alternative Ways to Avoid Payday Loan

If you spend more than you earn on a regular... Read More

Where to Look for a Fast Homeowner Loan

If you're looking for a fast homeowner loan, you might... Read More

Student Loan Limits Not Keeping Up with Tuition Rates

As tuition rates at many colleges continues to rise, the... Read More

How to Make Sure You Become a Profitable Trader

Regardless of your trading style; day trading, swing trading, or... Read More

The Best Day of The Week For Payday Loans

Whether your payday arrives every Friday or every other Friday,... Read More

Shopping for a Personal Loan

Most Internet users are now extremely comfortable using the Internet... Read More

Where to Look for a Cheap Personal Loan

Looking for a cheap personal loan can sometimes be a... Read More

Benefits of a Business Loan

There are many benefits in choosing a business loan, some... Read More

Payday Loan and Cash Advance Lenders Online - How To Compare Them

When searching for a payday loan company online to get... Read More

Poor Credit Car Loan - Get Approved Online

Poor credit doesn't have to stop you from getting a... Read More

What Is A Payday Loan?

A Payday loan is a small, short-term, high-rate loan. It... Read More

Debt Consolidation ? Watch out for Payday Loans

Most any large city has a number of small shops... Read More

Bad is the Opposite of Good... Is It? Not with Bad Debt Personal Loans

'Bad' means 'bad' no matter where you go! It is... Read More

Try Unsecured Loans! If The Word Secured Doesn?t Fit Your Financial Statement

Big financial goals, no security to supply - it is... Read More

Secured Personal Loans: Constructive Structuring for Financial Success

Credit relationships in a social system form an intricate web... Read More

What are Home Improvement Loans?

Home improvement loans are loans specifically designed by loans companies... Read More

Benefits of a Secured Loan

The secured loan is favoured by many UK residents seeking... Read More

Payday Loan Qualifications - What to Expect

Payday loan qualifications are different from other types of short-term... Read More

Alternative Venture Finance: Federal Grants and Loans

While most companies seeking venture capital initially think about angel... Read More

Zero Zero Financing on Automobiles in Retrospect

Some say that the automobile industry saved the economy during... Read More

Cosmetic Surgery Loans ? Discovering How It Feels to Look Your Best

Market research of UK's cosmetic surgery ascertains the fact that... Read More

Guide to Homeowner Loans

Here is a useful guide to Homeowner Loans. A Homeowner... Read More