What is an additional mortgage, and is it right for me?

Author: Mock Webware |

An additional mortgage, also known as a second mortgage, is a separate loan taken on a property with an existing mortgage. It's often used to access home equity without refinancing the first mortgage. This option might be suitable for consolidating debts, funding home improvements, or covering significant expenses. However, it's important to understand the terms, interest rates, and potential risks associated with an additional mortgage before proceeding. Consulting a financial advisor can help determine if it's right for you.

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