Comments on: Is a home equity loan and a second mortgage the same thing? http://MORTGAGEBASICS.INFO/is-a-home-equity-loan-and-a-second-mortgage-the-same-thing/ Sun, 20 May 2012 06:26:51 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Homer J. Simpson http://MORTGAGEBASICS.INFO/is-a-home-equity-loan-and-a-second-mortgage-the-same-thing/comment-page-1/#comment-8311 Homer J. Simpson Mon, 24 Oct 2011 16:35:19 +0000 http://MORTGAGEBASICS.INFO/is-a-home-equity-loan-and-a-second-mortgage-the-same-thing/#comment-8311 they are the same thing. the second mortgage works the exact same way that your first mortgage works- with one exception described below. as long as you have enough equity in the property and meet all other underwriting standards (i.e. credit, income, debt ratios, etc), you can get one. The exception is called a home equity line of credit (HELOC). This works just like a credit card or other revolving line of credit, but is secured by your home. The HELOC lets you borrow any amount up to the max whenever you want and then pay it back in installments or all at once, and then borrow again. they are the same thing. the second mortgage works the exact same way that your first mortgage works- with one exception described below. as long as you have enough equity in the property and meet all other underwriting standards (i.e. credit, income, debt ratios, etc), you can get one.

The exception is called a home equity line of credit (HELOC). This works just like a credit card or other revolving line of credit, but is secured by your home. The HELOC lets you borrow any amount up to the max whenever you want and then pay it back in installments or all at once, and then borrow again.

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