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A Second Mortgage Vs. A Home Equity Loan Kentucky

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

Liberty Mortgage of Ky, Inc.
502-425-8585 ex1
13121 Eastpoint Park Blvd
Louisville, KY

Priority Mortgage Associates, LLC
270-763-8111
2832 Shepherdsville Rd.
Elizabethtown, KY

A+ Credit, LLC
502-459-2222
3801 Springhurst Blvd.
Louisville, KY

Residential Mortgage Services
859-252-5626
191 Kentucky Avenue
Lexington, KY

Webmyne
0235464
Hopkinsville
Kentucky, KY

Alliance Home Loans
(813) 929-6767
1939 Goldsmith Lane Suite 247
Louisville, KY

Wells Fargo Home Mortgage
(859) 745-0733
114 S. Maple St
Winchester, KY

Heleringer Mortgage Company
502-412-6162
1945 Alfresco Pl
Louisville, KY

Inez Deposit Bank Home Loan Center
(606) 439-1348
151 E Main St
Hazard, KY

Star Financial Corporation
(606) 325-7827
800 13th St
Ashland, KY

A Second Mortgage Vs. A Home Equity Loan

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

Heleringer Mortgage Company

502-412-6162
1945 Alfresco Pl
Louisville, KY
www.webeatthebanks.net

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A Second Mortgage Vs. A Home Equity Loan Kentucky

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A Second Mortgage Vs. A Home Equity Loan

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