Second Mortgages

The Second Mortgage.
Second mortgages, just like your first mortgages, are loans that use your house as a guarantee that you will make your payments. Your Loan Advisor will be able to explain the advantages of obtaining a home equity loan in the form of a second mortgage - such as the assurance of obtaining a fixed interest rate. However, you should remember that just like your first mortgage, you expose yourself to the risk of foreclosure if you should run into any unexpected financial problems, such as a job loss, and are unable to repay your first or second mortgages.