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second mortgage

What Is a Second Mortgage?

Receiving offers to get a second mortgage? Read this first.


[Updated: Aug 06, 2021 ] Feb 01, 2020 by Liz Brumer

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Mortgage type Date Created Loan Amount Interest Rate Term of Loan Payment
First-lien mortgage 5/1/2020 $150,000 4.5% 30 years $760.03
Second-lien mortgage 12/1/2028 $25,000 8.5% 10 years $309.96
Mortgage type Date Recorded Loan Amount Interest Rate Term of Loan Payment
First-lien mortgage 5/1/2020 at 1:45 p.m. $100,000 4.5% 30 years $760.03
Second-lien mortgage 5/1/2020 at 1:50 p.m. $15,000 2% 10 years $309.96
Pros of Second Mortgages Cons of Second Mortgages
• Get money now from your property's equity.

• Can use the funds for down payment assistance, home renovations, or as you please.

• Reduces the equity you have in your property.

• Creates additional debt and risk.

• Can be a high-cost loan.

• Is not available to everyone.

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