Second Mortgages Pittsburgh PA

Why should you or shouldn't you take out a second mortgage or a home equity line of credit instead of refinancing?

Local Companies

Access Mortgage Corp
412- 770-9116
429 Forbes Ave
Pittsburgh, PA
Aegis Mortgage Corp
412- 922-6837
875 Greentree RD
Pittsburgh, PA
Affordable Mortgage Advisors LLC
412- 561-3000
1910 Cochran RD Manor Oak 2
Pittsburgh, PA
Lynn Barney Financial Services, Inc.
412.681.8810
P. O. Box 81186
Pittsburgh, PA
1st Continental Mortgage of AP
412- 920-4900
200 Cedar Ridge Dr
Pittsburgh, PA
Eastern Savings Bank FSB
412- 788-1600
2000 Cliff Mine Rd (Park West Two Ste 400)
Pittsburgh, PA
A J Mortgage & Home Equity Inc
412- 798-5100
7890 Saltsburg RD
Pittsburgh, PA
Khm Financial Inc
(412) 392-0396
949 Liberty Ave
Pittsburgh, PA
Paragon Home Lending Llc
(412) 366-6870
9800 McKnight Rd
Pittsburgh, PA
Riverside Mortgage Services Inc
(412) 653-1008
117 Curry Hollow Rd
Pittsburgh, PA

Why should you take out a second mortgage or a home equity line of credit instead of refinancing?

Well,………You Shouldn’t!!

Why Not?

1. Second Mortgages usually have an interest rant that is twice or even three times as high as your first mortgage rate. You can refinance instead and keep a very low rate. In the long run a second mortgage will just cost you money in interest charges.

2. Home equity lines of credit are designed for mortgage account executives (salespeople) to sell you on using it like a credit card attached to your home. They will try to convince you to use it over and over again.

3. A refinance loan is better for the equity in your home. Very few companies will refinance your home at 100% of it’s value without forcing you to take out a second mortgage. You don’t want to use 100% of your equity because that means you no longer have that equity to fall back on in emergency situations.

4. Second Mortgages and Home Equity lines of credit are designed to provide account executives (salespeople) with another tool to sway you into putting another commission in their pocket.

5. Your equity is a precious thing and should not be used for unnecessary add ons or impulse buys. If you don’t need it and there is even a slight chance you can’t afford it, then don’t get a second mortgage to buy it.

The only reason that I would ever recommend a second mortgage or a home equity line of credit is in an emergency situation. Only when there is no other option and you must take out a loan would I recommend either one of these options.

About the Author:

Benjamin Ehinger has an extensive mortgage background and has studied the industry for many years. To learn more about Refinancing and Second Mortgages visit: http://bandcdriver.tripod.com/second-mortgage.htm.


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Featured Local Company

Access Mortgage Corp

412- 770-9116
429 Forbes Ave
Pittsburgh, PA