PITI the Fool - Second Mortgages

Second Mortgages - Grab Your Rates

You gotta be a real chump sucka sucka to ignore your financial opportunities with second mortgages. You bought that home, you accumulated home equity and now is your chance to use it! But hold up kid, you gotta lot of learning to do, and you need to know how to secure the lowest possible rates for equity financing.

Second mortgages can really bring the pain!

If you aren't entirely careful when you apply for second mortgages, you run the risk of falling to one of the hundreds of financial traps awaiting the unwary buyer:

some lenders will offer second mortgages for 125% of your home equity. Awesome! Rad! Bring it on! But then you gotta remember that you have to pay it all back and keep up with your initial mortgages - ouch!
also, there will be some question as to the rates you should see and the rates you will actually find.

Knowing how to bargain down the rates attached to your second mortgage will potentially save you thousands in repayment,a nd will help you make a stronger investment of your equity.

Increasing strength by being tough

Get tough with second mortgages and the chumps that be handing them out to you! If you don't think the rates you are begin quotes are fair - let that fool know it! Get other rate quotes from competitive lenders and see what other people are offering for similar home mortgages, and make sure you know what national rates are for the second mortgages you are looking to take out. KNow how much equity you actually have and how much you actually need from second mortgages - the greater that difference the lower your rates will be. Now get out there and get tough!