When it comes to taking out a second mortgage, there are a few things to consider before you make your decision. Here are a few things to keep in mind when considering second mortgage alternatives:
-The interest rate on your second mortgage will be higher than your first mortgage.
-You may have to pay points upfront in order to get a lower interest rate on your second mortgage.
-You will need to have equity in your home in order to qualify for a second mortgage.
-Your monthly payments will be higher with a second mortgage, so make sure you can afford the additional payment.
-If you default on your second mortgage, your home could be foreclosed on.
Now that you know a few things to consider before taking out a second mortgage, you can make an informed decision about whether or not it is the right choice for you.