Understanding Second Mortgages: How They Work and When to Consider One 🏡

A second mortgage is an additional loan taken out on your property. There can be various reasons to take out a second mortgage, such as consolidating debts, emergency medical bills or financing home renovations. It usually carries a higher rate of interest than the first mortgage. <br /> <br />Source: http://www.northwoodmortgage.com/mortgage-solutions/first-and-second-mortgage-solutions