"When the missionaries came to Africa they had the Bible and we had the land. They said "Let us pray." We closed our eyes. When we opened them we had the Bible and they had the land."Desmond Tutu
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Myths and Mortgages
Some of the mortgage companies today, sell their mortgage packages with every kind of mythical benefit known to man, from the belief that interest only is a real mortgage that will eventually payout (slight of words, there) to the belief that an interest ...
Refinancing Your Loan
Refinancing your home or property is a big decision that could drastically affect your financial future, for the good or the bad, depending on how smart you go about the process. Take the time to explore all of the different refinancing options you have ...
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A 2nd mortgage may be one of the best financial moves you will ever make.
A 2nd mortgage may be one of the best financial moves you will ever make. If you know what it is and how it works, you can use it to generate money for profitable investments, simplify your debts and beef up your credit score. The key to taking advantage of a 2nd mortgage is understanding how it works.
A 2nd mortgage is a loan that uses the equity in your home as collateral. When you avail of a 2nd mortgage loan, you are technically putting a second mortgage lien on your title without refinancing or changing the terms of your first mortgage.
A 2nd mortgage is considered a “simple interest loan” because unlike other major loan vehicles, it has a fixed interest rate. This fixed interest rate is based on a number of factors such as the current market rate of your home, the prevailing interest rates and your personal credit history. You can choose terms that vary from five years to 25 years, depending on your capacity to pay and other cash flow considerations.
Many people turn to 2nd mortgages to consolidate their debts – they pay their credit cards, loans against insurance and other high-interest loans with the money they borrow from a 2nd mortgage. Experts say that the fixed interest rates of 2nd mortgage allows you to save up to three times more than you would if you are paying minimum payments on your credit cards. And, since the interest in a 2nd mortgage is amortized yearly, you don't have to pay daily compound interests that credit cards charge.
Best of all, a 2nd mortgage actually gives you a tax break – the interest you pay on this type of loan may be tax deductible up to $100,000 of the loan amount , or 100% loan to value.
ABOUT THE AUTHOR
Refinance 2nd Mortgage provides detailed information on 2nd Mortgage, Refinance 2nd Mortgage, Bad Credit 2nd Mortgage, 2nd Mortgage Loans and more. Refinance 2nd Mortgage is affiliated with 1st Mortgage Rate.
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