What
is a Second Mortgage?
A
second mortgage is simply a registerable loan using your
property as security. Rates of interest vary on an individual
basis depending on your credit worthiness and "loan
ratio advance" (the value of your property minus the
existing financing balance equals your equity).
This
type of financing is usually acquired to consolidate your
debts, to lower your monthly payments, to make home improvements,
travel, investments, etc.
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