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2nd Mortgage Loans and Home Equity Loans

As property values continue to increase taking out a home equity loan is a smart way to do home improvements, help with college expenses or to consolidate bills. Many homeowners have come to realize that they are sitting on a pile of gold, so-to-speak, and with rates as they sit, are heading to the bank

2nd Mortgage loans are a great way to access the equity that is sitting in your home.

When you take out a second mortgage using your homes equity, you take the equity amount in one lump sum, and make monthly payments on the borrowed amount. Home equity loans use a fixed rate, and the repayment period can range anywhere from 10-15 years. Many homeowners find comfort in these types of loans because, unlike a line of credit with variable rates, they know exactly what to expect each month.

Tax Advantages of Home Equity Loans

There can also be a great tax advantage to taking out a home equity loan. In most cases you are able to deduct the amount of interest paid on your loan. There are some catches to this rule, however, so make sure to talk with your tax advisor.

Taking out a second mortgage on your home can be a great move. Remember though, that once you take the equity out, it is gone. Therefore, you should carefully evaluate your need and make sure the time is right.

Our Recommended After Bankruptcy Mortgage Lenders:

Top Recommended Companies To Refinance With:
(updated ):

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If you are looking for a mortgage loan but have "less than perfect credit" this company has options for people with credit problems. Complete a short form and get one dedicated mortgage banker from first call to closing with a simple, straightforward process.

Mortgage rates are still low. Refinance & Lower Your Payment!
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Another Great "bad-credit" Mortgage Company! QuickenLoans is also a competitive mortgage company for people with all types of credit including poor credit. Refinance or get new mortgage offers from this reputable Web based mortgage lender.


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