Three cheers for second mortgages? Now, if you’ve never really gotten too deep into the world of finance, you might wonder why we’re so excited about second mortgages. After all, they are a loan product and would have to be paid back over time. Yet the truth is that there are a lot of benefits to these loans that need to be discussed. As you might have read in other guides we’ve published, loans are neither good nor evil. It’s really what you make of them. It’s really what you decide to make of the situation at hand.
If you already have a home, you probably have owned it for a few years. If this is the case, you probably have equity in your home without even realizing it. You probably have equity that’s just waiting to be used. What if you wanted to get a second home to rent out to other people? You would need a lump sum in order to put down the right deposit. Continue reading “Second Mortgages Are Serious Loans – Make Sure You Plan Ahead!”