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Texas Second Mortgage

Written by Rachel Arieff
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Texas second mortgage can be a lifeline for many home owners. When unforeseen circumstances come up that demand a large infusion of cash, many of us simply won't have the amount of money required. It's up to us whether we let it cause us stress and worry, or whether we come up with a creative solution.

Perhaps one day you will have a medical emergency that your insurance doesn't cover, or your child will need funds for an expensive college education. Maybe you'll want to realize your lifelong dream of starting up your own business. These are all situations in which a Texas second mortgage may be the perfect answer.

What is a Texas Second Mortgage?

A second mortgage is basically a loan taken out against the equity you've built on your home. The home is then used as collateral. Though second mortgages have higher interest rates than first mortgages, they're still generally far lower than the interest rates of credit cards or conventional loans.

Why rack up more credit card debt and pay higher interest rates than you need to? All of us have expenses that weren't prepared for at some time or another, but it needn't necessarily be cause for worry. If you've established have the necessary home equity, then the Texas second mortgage may be the financially wisest way to go.


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