Second Mortgage

Second mortgage options are so numerous you can't help but feel a little...freedom!

Second Mortgage Dexterity

Gadzooks! If you need a second mortgage you are certainly in luck! With so many options and so much rapid gain in equity - so many lenders offering second mortgages to begin with - you'd be hard pressed to find an applicant who wouldn't qualify for a second mortgage. But it happens, if you make mistakes in your financial life and with your application you may be denied. Go go gadget qualifications!

Second mortgage qualifications

To qualify for a second mortgage you need more than a desire for cash:

• you need actual equity in your home, equity being the difference between your home's value and the remaining debt you have to repay from your first home mortgage.
• you need a relatively successful and stable financial past - decent credit and a record of timely mortgage payments
• you need a significant amount of income greater than your current financial demands require.

A second mortgage will be a huge additional burden to your personal finances, and simply making room isn't a good enough options. Not when you are dealing with tens or hundreds of thousands of dollars, and not when your home equity is on the line.

The importance of maintaining equity

Even if you have to sacrifice your second mortgage altogether, you should never put your home equity in any serious danger. Equity is the greatest financial strength a single person can have - it will qualify you for greater loan amounts at lower mortgage rates then you could on your own. And it turns out that the only guaranteed way to accumulate equity is by paying off your mortgage - you should never trust rising home appreciation values or put your faith in the financial impact of home improvements. Your home, and your equity, is only as great as the next home buyer is willing to pay, so you should take out a second mortgage without being sure you can repay the loan on your own steam and maintain your current levels of home equity.

Turns out the Inspector is drugged

And furthermore! If you need a second mortgage to travel to Monaco on the back of a sherpa...Chief Quimby, what are you doing here?

-Well, we got word over at HQ that your speech about mortgage loans off home equity is going a little out of control.

-Thats second mortgage, chief. Im talking about second mortgages.

-Same difference, second mortgages are home equity loans! You blabbering fool, don't you know Dr. Claw has got you drugged and rambling?

Rambling yes, but drugged? Never! Kids, never do drugs!