Advantages of 2nd Mortgage

Please consider this …. Go for a 2^nd mortgage loan only when:

1) You need money badly for home improvement. I mean, the improvement stuff you cant do without, and don’t have money for.

2) Do this when you want to avoid Private Mortgage Insurance (PMI).

3) When you opt for debt consolidation programs.

4) When you want to have more of it …. Yah… ah … when you want to purchase a new home.

5) When you want to create a Home Equity Line of Credit (HELOC).

I have seen wise people, taking a 2^nd mortgage loan to fund for an international holiday, or buying furniture, and spending the rest of the money on Saturday nights. But trust me; I have seen these people lose their homes. So, don’t be too wise, and take this only when you consider doing the things that are stated in the above points.