What does taking out a second mortgage mean?

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2007-07-06 01:08:16

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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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2007-07-06 01:08:16
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Q: What does taking out a second mortgage mean?
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Please clarify your question. Do you mean taking out a second mortgage or equity line?

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The advantages to taking out a second mortgage on your home is that it gives you a little extra money to work with. Some people will take out a second mortgage on their home if they need to make improvements on their property and don't have the money to do so. It will also help you to create a home equity line of credit.

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the first mortgage is collateral for the second mortgage.

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A homeowner take out a second mortgage if they are struggling to pay off their first mortgage. You can read more at -

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The biggest problem with second mortgage foreclosures is that you can lose your home even if you are still current on your first mortgage. The second mortgage, if defaulted on supersedes you first mortgage.

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