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A Second Mortgage Vs. A Home Equity Loan  by: Jay Moncliff If you own your home and need a loan for whatever reason you have probably considered a second mortgage or a home equity loan to help you pay your bills, buy a new car, or pay for some other investment. However, you probably don’t know whether a second mortgage is better or worse than a home equity loan for your particular situation. However, don’t despair because there are some tips that will help you decide whether a second mortgage or home equity loan is for you. Second Mortgage Tip #1 One Time Expenses A second mortgage is the preferred option if you have a one time big expense you need to cover. Examples of this include remodeling your kitchen, paying for a wedding, or buying a new car. In these instances a second mortgage will probably work best for you; however this will depend on the equity in your home and your credit score. Second Mortgage Tip #2 Recurring Expenses If you are going to have recurring expenses then you might not want a second mortgage because a home equity loan will work out better for you. The second mortgage is best for large amounts of money at once while recurring expenses like tuition are better paid for with a home equity line of credit. Second Mortgage Tip #3 Repayment You will also need to consider your ability to repay and which option will suit you best. A second mortgage can be financed similarly to your first mortgage, while the home equity loan can be paid back more like a credit card. Consider your financial position and ability to make monthly payments before applying for either a second mortgage or a home equity loan. If you still don’t know whether a second mortgage or home equity line of credit is for you, then talk with your lender and see what is recommended for your equity, credit, and ability to repay the loan. About The Author Jay Moncliff is the founder of http://www.new-mortgage-center.info a website specialized on Mortgage, resources and articles. This site provides updated information on Mortgage. For more info on Mortgage visit: http://www.new-mortgage-center.info. This article was posted on October 05, 2005   View More Videos from the "Business and Finance" category: The Consequences of Not Negotiating Salary How SF Cab Company Deals with the Challenges of Rapid Growth Merit And Need-based Scholarships Small Business Stories - Fab Dog Inc.   Read More Articles from the "Business and Finance" Category: What Makes Your Home Business Succeed? by Lil Waldner UPTO 50% DISCOUNT - Indonesian Islamic Banking Outlook to 2013 by Shushmul Maheshwari Franchise Owners - April 15 Makes You Think About Your Taxes by Howard Schwartz Recover Debts Owed to You Using an Asset Search Investigation by Ed Opperman Asset Protection With Swiss Annuities by Timmy Vic Consolidating Debt - How To Get The Lowest Interest Rate On A Debt Reduction Or Consolidation Loan by Carrie Reeder The Saddest Paycheck Of All In The Mortgage Industry When Just Starting Out As A Loan Officer by Rob Lawrence How About Starting Your Own Air Courier Service? by Jeff Schuman Virginia Workers Compensation for the Injured Worker by Gerald G. Lutkenhaus The Best Things in Life Are Rarely Things by Greg S. Reid << Back to "Business And Finance" Index

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