Be Weary of a second mortage

Be weary of home equity loans, usually referred to as a “second mortgage”. In many cases the borrower is able to use their equity that they have built up in their home ownership as collateral for the loan. The equity is the difference between the home’s value, and the balance on the borrower’s mortgage. It has become very popular to apply for a Home Equity loan because of the low interest rates we are currently experiencing as the Federal Reserve continues to slash rates. The next review and po [read more]