Second Mortgage Information

Second mortgage payment calculations


You need to make sure you know how much your monthly mortgage payments are going to be, and what they cover in the big picture. Your specific mortgage company will give you all this information in advance. Some loans will require that you make monthly payments on the principal and interest, whereas other loans will require that you pay the interest only. Paying interest only will not reduce any amount of your loan but it will buy you time. Often these loans require you to pay the full amount at the end of the loan period – sometimes referred to as a ‘balloon loan’. Make sure you know how you’re going to come up with the grand sum when it is due. Another type of loan – a ‘home equity line’ – offers a system where your monthly payments vary, determined by how much you owe, and what the interest rate is.

Second mortgage length



Second mortgages can range anywhere from 10 to 20 years, and on the other hand you may find a mortgage that requires you to pay in one year. Individual mortgage companies offer different repayment terms and conditions. If you borrow 20,000 dollars for example, it may be in your best interest to pay it back within 2 years because the monthly mortgage payments will be very high and costly.

Second mortgage costs



Often companies will charge a fee for lending you money for your mortgage. The fee charged is a percentage of the total loan amount and it’s referred to as ‘points’. One percent equals one point, so if you borrow 5000 dollars, 8 points would be 8 percent of 5000 – therefore you would pay $400. Different companies charge different points so you have to shop around a little and find the best rates for you. Often you can bargain for a lower fee with a mortgage company.

Second mortgage rates



In a fixed rate loan the interest rate is set up for the duration of the loan. If your mortgage company offers you a variable mortgage rate, or an adjustable mortgage rate (ARM), you will get periodic interest rates. If you sign into an adjustable rate mortgage make sure you know exactly how much you’re being charges, why it may fluctuate, and when.

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