Home Equity Lines/Loans
Second Mortgage aka Home Equity Loan, 2nd Mortgage
What are the typical terms of a traditional second mortgage?
A traditional second mortgage has a fixed rate of interest with equal monthly payments applied over the life of the loan. The rate of interest is determined by a borrower's equity and credit and is usually a few percentage points higher than rates on first mortgages. The typical loan term typically ranges between 10 to 15 years. Calculate your home equity and compare loans for free at LendingTree.com!
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Home Equity and Second Mortgage Frequently Asked Questions Home Equity Lines with Zero Closing Costs