Keep Your First Mortgage Untouched

A closed end second mortgage can help you use the equity in your home to better manage your debt. The interest rate is fixed and the amount of the loan is determined at the time of application. This type of loan is used typically to pay off credit card debts, high interest loans or private loans. This can assist in combining all high interest debts into one low monthly payment.

The difference of a second mortgage from a home equity line of credit; is the second mortgage gives you all the funds in a lump sum. Your monthly payments remain the same throughout the length of the loan.

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