Posted on: 26th Jul, 2007 02:21 am
i would like to know the difference between home equity loan and second mortgage
Welcome Sangeetha,
A second mortgage is a loan taken out against the equity in your home. The equity is the value of your home worth the amount of debt you have repaid towards your first loan.
A second mortgage is subordinate to that of the primary loan on your home. Know more about it from the section on second mortgages.
Second loans can be of two types - fixed and adjustable. The fixed rate second mortgage is known as home equity loan. To know more on Home Equity loans, just go through the section on this topic.
A second mortgage is a loan taken out against the equity in your home. The equity is the value of your home worth the amount of debt you have repaid towards your first loan.
A second mortgage is subordinate to that of the primary loan on your home. Know more about it from the section on second mortgages.
Second loans can be of two types - fixed and adjustable. The fixed rate second mortgage is known as home equity loan. To know more on Home Equity loans, just go through the section on this topic.
karthikeyamurugesan you have copied your post from wikipedia and that page is not up to there own required standards. ( en.wikipedia.org/wiki/Second_mortgage )
I wasn't able to understand what you wrote the first time I read it and that tells why. What you have stated doesn't clearly explain the difference between the two.
I wasn't able to understand what you wrote the first time I read it and that tells why. What you have stated doesn't clearly explain the difference between the two.