A Second Mortgage Vs. A Home Equity Loan Chapel Hill NC

If you own your home and need a loan, you have probably considered a second mortgage or a home equity loan. These types of loans can help you pay your bills, buy a new car, or pay for some other investment.

Local Companies

Equity Mortgage Inc
(919) 403-1616
3711 University Dr
Durham, NC
Academy Mortgage Corp
(919) 402-1036
3622 Lyckan Pkwy
Durham, NC
Mortgage Choice Inc
(919) 990-8585
4705 University Dr
Durham, NC
Pinpoint Mortgage Partners
(919) 401-4702
1515 W Nc Highway 54
Durham, NC
CTX Mortgage
(919) 572-9492
3201 Yorktown Ave
Durham, NC
First Mortgage Source
(919) 401-9474
5302 Nc Highway 55
Durham, NC
Northstar Mortgage Corp
(919) 806-4606
2530 Meridian Pkwy
Durham, NC
Horizon Mortgage and Finance L
(919) 313-7380
200 Meredith Dr
Durham, NC
Newport Shores Mortgage
(919) 313-2551
1000 Park Forty Plz
Durham, NC
Oaktree Mortgage Group
(919) 572-9511
1910 Sedwick Rd
Durham, NC

Second Mortgage Tip #1 One Time Expenses

A second mortgage is the preferred option if you have a one time big expense you need to cover. Examples of this include remodeling your kitchen, paying for a wedding, or buying a new car. In these instances a second mortgage will probably work best for you; however this will depend on the equity in your home and your credit score.

Second Mortgage Tip #2 Recurring Expenses

If you are going to have recurring expenses then you might not want a second mortgage because a home equity loan will work out better for you. The second mortgage is best for large amounts of money at once while recurring expenses like tuition are better paid for with a home equity line of credit.

Second Mortgage Tip #3 Repayment

You will also need to consider your ability to repay and which option will suit you best. A second mortgage can be financed similarly to your first mortgage, while the home equity loan can be paid back more like a credit card. Consider your financial position and ability to make monthly payments before applying for either a second mortgage or a home equity loan.

If you still don’t know whether a second mortgage or home equity line of credit is for you, then talk with your lender and see what is recommended for your equity, credit, and ability to repay the loan.

About the Author:

Jay Moncliff is the founder of http://www.new-mortgage-center.info a website specialized on Mortgage, resources and articles. This site provides updated information on Mortgage. For more info on Mortgage visit: http://www.new-mortgage-center.info.


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Featured Local Company

Equity Mortgage Inc

(919) 403-1616
3711 University Dr
Durham, NC

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