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Updated 5 months ago on . Most recent reply
Second Mortgage versus HELOC
Good Morning!
I see a lot of conversation about HELOCs and HELs - but not a whole lot about a second mortgage as a option to get started.
About me: owner of a primary residence, looking to get a multifamily (preferred but open to single family) property soon. Going to use equity from home to purchase next property.
Has anyone used a second mortgage? Pros and Cons?
Most Popular Reply
Quote from @Ashley Anderson:
Good Morning!
I see a lot of conversation about HELOCs and HELs - but not a whole lot about a second mortgage as a option to get started.
About me: owner of a primary residence, looking to get a multifamily (preferred but open to single family) property soon. Going to use equity from home to purchase next property.
Has anyone used a second mortgage? Pros and Cons?
HELOC= Short term uses
fixed rate second= long term uses
- Jay Hurst
