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What is a Second Mortgage?
A second mortgage is simply another kind of mortgage loan, except instead of getting a loan on a house, the borrowers gets a loan of cash or credit, based on a value of the house minus the principal left on the first mortgage, which is called home equity.

Second mortgages are given in one of two categories:

Another related concept is cash-out refinancing, which is similar to a second mortgage in that it lets a borrower access home equity, but is different in that it is a kind of refinancing, which has different guidelines and functions than second mortgages.

You can explore this idea further with a home equity calculator.

Next: Would you like to be matched with up to five home equity and second mortgage lenders?

 
 
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