Oregon Second Mortgages

Written by Linda Alexander
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Oregon second mortgages are any loans made in addition to your first mortgage on your Oregon home. They are based on the amount of equity you have accumulated in your home. Equity is the difference between what you owe on your home and the market value of it.

Most people take out second mortgages to pay for college or home improvement projects. Some also use them to pay for emergency situations like debt consolidation or hospitalization. If you choose to get Oregon second mortgages, you have a few options.

Choices of Oregon Second Mortgages

You can go with a traditional second mortgage or a home equity loan, which usually will have a lower interest rate than another mortgage. With either of these loans, you borrow a fixed sum that will be paid back monthly over a set period of time, usually 15 to 30 years. Like first mortgages, you can get these with fixed or adjustable interest rates.

A third option for Oregon second mortgages would be to take out a home equity line of credit. With this, you have a set maximum amount of your home's value to borrow, usually 75 to 89 percent of the appraised value. You can draw from it any time, and repay it as you please, within a set period of time, which is usually five years. You don't have a fixed monthly payment, but you must pay it back within the set period of time.

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