Second Mortgage vs. Home Equity Loan

Many people will confuse second mortgages and home equity loans, which is not surprising. They are both a second loan, but they do differ in many different ways.

Second Mortgage:

With a second mortgage the borrower is lent a certain amount of money that is to be repaid on a set schedule. This type of loan will usually have a term of 15-30 years, like your traditional mortgage. Read more