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Ohio Second Mortgage

Written by Rachel Arieff
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Ohio second mortgage is an opportunity for Ohio home owners to raise capital based on their home equity. All of us have serious financial expenses at one time or another. However, most of us aren't rich; we don't have a large reserve of funds laying around.

Medical emergencies, job layoffs, or a child's expensive tuition costs can all demand a serious infusion of cash that we just don't have. Perhaps your home desperately needs improvements that just can't wait. How will you pay for these expenses? Before you charge anything to your high-interest credit card, consider a second mortgage.

The ABCs of Ohio Second Mortgage

An Ohio second mortgage is a loan taken out on an already-mortgaged home. In this type of loan, your home acts as collateral. The equity you've already established on the home powers the loan. This provides the infusion of funds that you need.

Second mortgages are popular ways of raising a large sum of money. The reason is, unlike credit cards or other, more conventional loans, they have a very low interest rate. Whether you need to plug some financial holes or start your own business, getting an Ohio second mortgage can be a wise, money-saving option.


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