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  2. What is a second mortgage, and how does it work? - AOL

    www.aol.com/finance/second-mortgage-does...

    If you have a home worth $300,000 and $200,000 remaining on your first mortgage, for instance, you might be able to borrow as much as $55,000 through a second mortgage: ($300,000 x 0.85) – $200,000.

  3. Second mortgage - Wikipedia

    en.wikipedia.org/wiki/Second_mortgage

    Accordingly, second mortgages not only ensure access to greater amounts but also lower interest rates comparative to unsecured loans. With increased cash flow, second mortgages are used to finance a variety of expenditures at the discretion of the borrow including home renovations, college tuition, medical expenses and debt consolidation. [9] [29]

  4. Down payment assistance: How it works and how to get it - AOL

    www.aol.com/finance/mortgage-down-payment...

    When you buy a home with a mortgage, that mortgage is the first or primary lien on the property. A second mortgage is an additional lien tied to your home. In the case of down payment assistance ...

  5. How to refinance when you have a second mortgage - AOL

    www.aol.com/finance/refinance-second-mortgage...

    Piggyback mortgage: A piggyback mortgage helps fund a down payment on a house, allowing you to avoid paying for mortgage insurance or taking out a jumbo loan. 5 steps for refinancing your second ...

  6. Cash out refinancing - Wikipedia

    en.wikipedia.org/wiki/Cash_out_refinancing

    A cash-out refinance is a replacement of a first mortgage. The interest rates on a cash-out refinancing are usually, but not always, lower than the interest rate on a home equity loan. The borrower pays the mortgage refinance closing costs. Generally, the borrower does not pay closing costs for a home equity loan.

  7. Remortgage - Wikipedia

    en.wikipedia.org/wiki/Remortgage

    The process of remortgaging does not usually involve moving house or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. [2] Homeowners may choose to remortgage for various reasons, usually to reduce the overall monthly mortgage payment amounts.

  8. Guide to first-time homebuyer loans and programs - AOL

    www.aol.com/finance/guide-first-time-homebuyer...

    Deferred-payment loans: A no-interest second mortgage you’ll repay when you sell the home, refinance or pay off your first mortgage. Forgivable loans: A second mortgage you won’t have to pay ...

  9. Missing mortgage payments: How many can I miss before ... - AOL

    www.aol.com/finance/missing-mortgage-payments...

    After 90 days, your lender will usually send a formal Demand Letter or Notice to Accelerate, stating you have 30 days to pay your mortgage and bring it up to date. However, getting these letters ...

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