Calculating for a second mortgage
Planning for a second mortgage loan can take some work.
When a lender gives you money and places a lien against your home for that amount, it is called a second mortgage. Because the lender uses your home as collateral for the loan, you will probably be given an amount that is much larger than any credit card’s limit and an interest rate that is much lower than any credit card’s rate (more money + a lower interest rate). Second mortgages generally offer fixed interest rates, so you’ll never have to worry about your rate going up.
Keeping that in mind, one may sometimes find it useful to utilize a second loan in order to obtain a bi weekly mortgage.
March 2, 2008 | Filed Under Bi Weekly Mortgage
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