There are many varied reasons why people want or need a second mortgage.
One common motive it that people want to pay off existing debts such as personal loans and credit cards. Such short term finance is usually more expensive than te longer term finance of a mortgage so in certain circumstances it can make sense to take out a second mortgage to clear such debts. Doing so can not only lower the amount of interest you pay each month on your debts but it can also help you to improve your credit score by paying off any other debts that are in arrears.
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Another reason why many people take out a second mortgage is to fund some large one of expenditure such as home improvements, a new car or a holiday.
Most homeowners should be eligible for a 2nd mortgage. As with other forms of credit the better your credit score the better the mortgage you will be able to get. The worse your credit score the higher rate of interest you will have to pay on any additional finance products.
Another option to taking a separate 2nd mortgage loan is to refinance you existing mortgage loan and simply borrow a larger amount of money. This is known as releasing equity from you home. To do this you will need to have some existing equity in your home. In other words it is only possible if the market value of your home is grater than the current outstanding balance of your mortgage.
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