why take out a second mortgage

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How to Get a Second Mortgage A second mortgage is a loan that uses your home as collateral, similar to a loan you might have used to purchase your home. The loan is known as a "second" mortgage because your purchase loan is typically the first loan that is secured by a lien on your home. Second mortgages tap into the equity in your home,

If the homeowner wishes to take out a second mortgage, she can borrow the difference between the home's worth and the amount owed on the first mortgage.

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If you take out a second mortgage for $65,000, your total mortgage debt is $215,000. Your loan-to-value ratio (LTV) is 72 percent. This is an extremely low LTV, which presents little risk to lenders.

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A first mortgage is the original loan that you take out to purchase your home. You may choose to take out a second mortgage in order to cover a part of buying your home or refinance to cash out some of the equity of your home.

Second Mortgages 101 – JENNIFER BRILLIANT, P.A. – Why take out a second mortgage? homeowners typically take out a second mortgage when an expense is tossed their way, whether foreseen or unforeseen. It could be a costly house or vehicle repair, a child’s education, or any other large expense that you might not have been aptly prepared for.

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5 Smart Reasons to Take Out a Second Mortgage – The Smart Finance – Always take a second mortgage to finance something that has value as opposed to going on a holiday in the Caribbean. Any expenditure that increases the value of your home is a good justification for taking a second mortgage.