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What does taking out a second mortgage mean?

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Wiki User
2007-07-06 01:08:16

you have two options when you need to pull out money from your

property. 1.) cash-out refi- where you pay off the current mortgage

and take additional cash with it. 2.) leave the current mortgage

alone and taking a second mortgage out for the cash. Second

mortgage all so means it is in second place behind the first

mortgage


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