There are benefits of taking out a second mortgage. A second mortgage is a separate loan that you take out (in addition to your first mortgage). You can borrow on the equity in your home up to certain percentage, usually 80% of the value of your home, including your first mortgage balance.  (Example: Your home...Read More

A home equity loan is a type of loan where a homeowner can borrow against the equity in their home, which is the difference between the home’s market value and the outstanding mortgage balance. Equity in your home is calculated as the difference between your home’s value and your mortgage balance. Loans are secured against...Read More