Be aware that some lenders charge a fee for second mortgages. But some states limit the amount, so check with the consumer protection division of your state Attorney General's office, if you have questions. Another resource is the state banking commissioner.

The fee, or point, is usually a percentage of the second mortgage loan amount. One point equals one percent of the loan amount of your second mortgage. Shop around because the number of points lenders charge on second mortgages can vary. Find the best bargain, and get the quote in writing.

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