QWhat Is Second Mortgage?
AThe amount of Second Mortgage Loans may be up to 100 percent of the estimated value of the property less the amount of any first mortgage. A Second Mortgage Installment Loan places an additional mortgage on your home, but the money usually comes in a lump sum, rather than in a series of advances made available by writing checks on an account. Second Mortgages typically have fixed interest rates and fixed payment amounts.