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Second mortgages

Author: The Mortgage Girl |

Are you paying minimum payments on credit card bills, car loans, and other unsecured debt when you’re only paying off the interest at a high rate? A second mortgage is a type of mortgage that allows you to use your home’s equity as the collateral. You can often borrow a much larger amount than you usually would be able to if the loan was unsecured. This option might work best for you when refinancing the existing first mortgage is not an option at this time.