Is a home equity mortgage matching as a second mortgage?
Are the expressions interchangable or are they two different things?
Answers:
Yes, a home equity loan IS a 2nd mortgage.
Some folks however, consider a "2nd mortgage" to be a closed-end fixed rate lump sum loan. While a "splash of credit" is revolving and can be used over and over again.
But both loans are truly 2nd mortgages because they are surrounded by 2nd lien position to the 1st mortgage on title.
Just don't procure a home equity loan on a home you own no
equity contained by. <}:-})
Yes.
They are equal point.
2nd mortages hold plentiful different name. Piggy fund loans, home equity stripe ect ect.
Its primarily only a loan against your first mortgage. The bank however may treat it as a "loan" and not a mortgage. Which ussualy channel when you want to chitchat to someone from your sandbank roughly it that they ahve to verbs you to a different department.
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Answers:
Yes, a home equity loan IS a 2nd mortgage.
Some folks however, consider a "2nd mortgage" to be a closed-end fixed rate lump sum loan. While a "splash of credit" is revolving and can be used over and over again.
But both loans are truly 2nd mortgages because they are surrounded by 2nd lien position to the 1st mortgage on title.
Just don't procure a home equity loan on a home you own no
equity contained by. <}:-})
Yes.
They are equal point.
2nd mortages hold plentiful different name. Piggy fund loans, home equity stripe ect ect.
Its primarily only a loan against your first mortgage. The bank however may treat it as a "loan" and not a mortgage. Which ussualy channel when you want to chitchat to someone from your sandbank roughly it that they ahve to verbs you to a different department.