Second Mortgage – A second Mortgage is often a Home Equity Loan or Home Equity Line of Credit (HELOC) both of which are discussed in their own sections. The Second Mortgage can be a Fixed Rate Mortgage, Adjustable Rate Mortgage, or a Home Equity Line of Credit all with their differing interest rate characteristics. In the event of default on a home with both a primary and Second Mortgage, upon fund recovery the primary mortgage is paid first leaving the Second Mortgage with whatever (if anything) is left. As a result, a Second Mortgage will often have a higher interest rate than a primary mortgage (with the exception of the adjustable rate second which will often have lower interest rates much like an Adjustable Rate Mortgage).

The following links will take you to the website of Jack Guttentag also know as the Mortgage Professor. Jack is Professor of Finance Emeritus at the Wharton School of the University of Pennsylvania, he has written a number of books on mortgage related issues, and his website, The Mortgage Professor’s website, can be a very informative source for mortgage advice and council.

Explore the option of converting two mortgages into one - Debt Consolidation Calculator

Should you refinance your two mortgages into one new mortgage? or refinance them into two new mortgages? this calculator will help you decide - Calculator for refinancing two mortgages

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