What is a 2nd morgage?
It is a loan taken against your home on which there exists a primary mortgage. The home equity is used as collateral for the MORE
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About Home Equity
Home equity is the financial value of a home, minus the amount that is owed for the mortgage. If the mortgage is entirely paid off, then the homeowner's home equity equals the entire market value of the home. If money is still owed on the mortgage, home equity is equal to the market value of the home minus the amount the homeowner still owes on their mortgage.
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