Video: How to Get a Second Mortgage on Your Home

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A second mortgage basically means that there is a loan in second position that has been obtained at a local bank or from a mortgage broker. Get a second mortgage, but only pay taxes or insurance on the first, with tips from a licensed mortgage broker in this free video on personal finance and real estate.

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Video Transcript

Hi, how to get a second mortgage on your loan. That's going to be the subject of today's discussion. My name is Adriel Torres and I'm the owner of Ultimate Credit Today. Com. A second mortgage basically means a loan that is in the second position to your first. It's called subordinate loan or second mortgage and you can obtain those by going to your local bank or your local mortgage broker and they can broker the loan for you and get it from a different bank. Basically the only difference is that it goes into the second lien position behind your first mortgage. Your monthly payments are the same. The only difference is that on the second mortgage you're not paying taxes or insurance because the taxes and insurance are paid on the first mortgage. The only thing you're paying on the second mortgage is just the monthly payment for the amount you borrowed depending obviously on your interest rate, and on the term which could be a ten year, fifteen year or a twenty year note. So that's the only difference between a first and second mortgage. Again my name is Adriel Torres and I'm the owner of Ultimate Credit Today.Com. Thank you very much.

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How to Get a Second Mortgage on Your Home

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