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May 9, 2008, Newsletter Issue #115: Second Mortgages Versus Home Equity Lines
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Tip of the Week
Home equity lines are attractive, but there also are pitfalls. That's why you may want to consider a second mortgage. With equity lines, borrowers get a line of credit. Sometimes they tend to spend too freely. Interest rates can vary, and your home is at risk because it is used as collateral.
Take a moment to learn about second mortgage installment loans. They are practical and can make good financial sense. Yes, they are an additional mortgage on your home but the second mortgage is given in a lump sum. You don't get checks to write freely and second mortgages also have fixed interest rates and fixed payment amounts.
A second mortgage, or home equity loan, lets you turn the equity you've put into your home for cash to make home improvements, consolidate debts, or pay for big expenses like your kid's college tuition.
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