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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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