Disadvantages of 2nd Mortgage Loan

The primary disadvantage is that, you actually risk your home. If you can’t pay back, then your lovely home is gone. One might just find you being helped by some non-profitable organizations to a mental asylum. This is CATASTROPHIC …Understand… I mean, we are dealing with serious stuff that may change yosh, I like this.. The interest rates of a 2^nd Mortgage loan are usually higher than the 1^st one. And on top of that, the 2^nd one will not be paid back until the 1^st one is completely over. So, there’s the catch… God – would somebody please help me to make my life catch-free?

And the third one comin’ up … you may need to pay a LOT of fees and charges. There are a lot of hoops to jump through and a lot of services to pay for. Depending on the amount that you would need, and the term of repayment, a 2^nd mortgage loan may not work out for you at all..

So, to sum up, if you don’t need this, then don’t go for it … Period… End of all discussions..