1) A second mortgage is a home loan that allows homeowners to borrow against the equity they've built up in their property.
2) Second mortgages can be used to access cash for home improvements, debt consolidation, or other expenses..
3) The amount of money that can be borrowed is typically based on the equity in the home, with the borrower using the home as collateral for the loan.
4) Second mortgages may have higher interest rates than primary mortgages, and the terms and conditions of the loan will depend on the lender and the borrower's individual circumstances.
5) Defaulting on a second mortgage can result in foreclosure, so it's important to carefully consider the risks and benefits of taking out a second mortgage..
6) Second mortgages may have fixed or variable interest rates, and may have a shorter repayment period than primary mortgages.
7) Second mortgages may have closing costs and other fees, so it's important to understand the total cost of the loan before deciding if it's the right option for you.
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For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval. E Mortgage Capital, Inc. d/b/a E Mortgage Capital, NMLS# 1416824. Equal Housing Lender (NMLS consumer access: https://www.nmlsconsumeraccess.org/_)
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A toll-free consumer hotline is available at 1-877-276-5550. The department maintains a recovery fund to make payments of certain actual out of pocket damages sustained by borrowers caused by acts of licensed mortgage banker residential mortgage loan originators. A written application for reimbursement from the recovery fund must be filed with and investigated by the department prior to the payment of a claim. For more information about the recovery fund, please consult the department’s website at