Second Mortgage
A second mortgage is a simple interest loan placed in second position on the property title, which can be used to reduce your monthly borrowing payments, make home improvements, or get cash out.
A second mortgage can also be known by other names, such as, a home equity borrowing, a home equity line of credit or home improvement borrowing. The common factor with these types of money release, is that the lender requires them to be secured by a second mortgage on your home.
The placement of the loan on title does not normally change any of the terms of the existing mortgage.
Second mortgage are popular for reducing the amount owing on credit card.
