Home > 2nd Mortgages

Second Mortgage Loans

Please note that the rates below are NOT 2nd mortgage rates. Please use the survey to reach out to lenders and brokers serving your area to discuss what type of seconds mortgage they may offer. You may also want to contact a couple of your local banks and credit unions.

Share |

Couple painting their home. Research second mortgage loan options with ForTheBestRate.com. If you are in the market for a second mortgage, then you should spend some time researching the pros and cons of fixed rate and variable rate seconds. Fixed second mortgages provide the security of a fixed interest rate using the equity in your home as collateral. Fixed second loans can be used as both funds to purchase a house or can be used as a stand alone product.

Home Equity Lines of Credit (HELOC) are a variable rate products which are typically tied to the Wall Street Journal Prime Rate plus or minus a designated margin. Some consumers may prefer HELOCs because they only are responsible to pay for the amount outstanding on the line. For example, someone could have a $50,000 line with only a $10,000 balance. Therefore, they would only pay principle and interest on the $10,000.

Second mortgage loans are often used to provide cash for home improvements, vehicle purchases, debt consolidation, college education, and other expenses.