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Helpful Loans Notes - Secured Loans and Finance
A secured loan is simply a loan that uses your home as security against the loan. Secured loans are suitable for when you are trying to raise a large amount of money; have a poor credit history or are having difficulty getting an unsecured loan. Lenders can be more flexible when it comes to secured loans, making a secured loan possible when you may have been turned down for an unsecured loan or unsecured finance
Helpful Loans Notes - A Second Mortgage
A second mortgage is a loan that is secured by the equity in your home. When you obtain a second mortgage loan the lender will place a lien on your house. This lien will be recorded in 2nd position after your primary or first mortgage lender’s lein, hence the term second mortgage
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