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Many borrowers confuse second mortgages with home equity lines of credit. While second mortgage loans are home equity loans, a second mortgage pays out a fixed sum of money to be repaid on a set schedule, like your initial mortgage. Some buyers will get a second mortgage if they cannot obtain enough of a loan from the first mortgage or if they can qualify for better terms on the first mortgage by obtaining a smaller second mortgage. Unlike refinancing, the second mortgage does not supersede the first mortgage. Second mortgages are usually 15- to 30-year loans with a fixed rate of interest. ENG offers a wide variety of second mortgage loan programs, including fixed, adjustable, and interest only options.
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