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2nd Mortgage

 

A second mortgage, also known as a home equity loan, is another secured loan on a real estate property that is secondary to the first. That is, the first mortgage loan must be paid off before any money goes towards the second. Second mortgages are based on your home’s equity; that is, the difference between your home’s current value, and the outstanding principal on your first mortgage. The excess funds collected by this type of loan can go toward home repair, tuition, debt consolidation, or any other financial needs you may have.

 

DenverHomes.com can be your resource for second mortgage information.

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