Understanding Second Mortgages: Pros and Cons – iGrad – Second mortgage interest rates tend to be high because the lender on your first mortgage has priority if you, unfortunately, enter bankruptcy.
The second mortgage, secured with the same assets as the first, usually carries a higher rate of interest than the first mortgage. The amount that can be borrowed is based on the equity in the home, which is the difference between the current value of the property and the amount that is owed on it.
With an adjustable-rate mortgage (ARM), your loan will have an initial fixed-rate period. After the fixed-rate period, your interest rate will adjust up or down according to market rates at the time of reset.
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