Factors That Affect Your Second Mortgage Rates
Many homeowners can benefit from taking on a second mortgage. Some need the extra cash to fix up a second property or help their kid pay for college, while others just want to lower their payments.
Applying for a second mortgage is similar to applying for a first mortgage. However, interest rates are determined a little bit differently. So if you’re looking to take on another home loan, read on to figure out how different factors can affect your rates.