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Illinois Second Mortage

Written by Rachel Arieff
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Illinois second mortage can be a life-saver - or even a home-saver. All of us have unexpected expenses that come up at one time or another. Few of us have the excess wealth to be able to spend large amounts of cash for whatever might come up.

Do you need to send your child to an expensive school? Do you have a medical emergency that requires a large amount of money? Do you want to start your own business, but don't have the necessary capital right now to do it?

The Usefulness of the Illinois Second Mortage

All of these situations are common reasons that home owners take out an Illinois second mortage. How does the second mortgage work? A second mortgage enables you to take out a loan - the size of which depends on the equity you've built on your home - using your house as collateral.

Because of their low interest rates, Illinois second mortage loans are more advantageous to the borrower than credit cards or conventional loans. Though interest rates on second mortgages are higher than that of original mortgages, they're still usually lower than those of credit cards or other types of loans.


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