Consolidating first and second arm mortgages

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They're called a 2 mortgage are generally lower than on unsecured loans, because they're backed by your home as collateral.

Unsecured loans like credit cards or personal loans don't have anything to back them up, so they present a bigger risk to the lender.

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We’ll explain to you all of the benefits and concerns to take into consideration as you weigh your mortgage options.These are typically set up as fixed-rate loans, though they are available with adjustable rates as well. In other words, you're borrowing against the portion of your home that's paid off, or more precisely, the portion of the value of your home that exceeds what you owe on your primary mortgage.So if you have a 0,000 home and owe 0,000 on your primary mortgage, you have 0,000 in home equity you could potentially borrow against.Secured loans are less risky for lenders, so they're willing to offer better rates on second loans.At the same time, 2 mortgage rates are higher than the rates on primary, first-lien mortgages.

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