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Taking Out a Home Equity Loan (2nd Mortgage)
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Mar 27 2008, 7:30 am - By liowkc
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Home equity loans allow homowners to borrow against the accumulated equity (the market value less outstanding debts) in their home. You secure the loan by a second mortgage.
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Mar 28 2008, 4:07 am - Replied by: sanju123
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This is probably not very wise method of securing a loan,'cause you end up mortgaging the new property as well as the your accumulated equity.
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Mar 31 2008, 3:31 am - Replied by: liowkc
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You are absolutely spot on - a second mortgage should not be used for daily expenses or buying luxury items. One who does that is likely to spiral into debts.
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Mar 31 2008, 5:42 pm - Replied by: noladragon1211
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I have to disagree, a second mortgage may be a better way to consolidate debt. The interest can be declared on your taxes as suppose to a credit card car loan etc.
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Mar 31 2008, 7:41 pm - Replied by: liowkc
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You are absolutely correct to say that it is a good loan consolidation instrument because of lower interest rate. My objection to incur further fresh debt through 2nd mortgage as it put the property in jeopardy |
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