Second Mortgages

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A second mortgage is a loan that is secured against the value of your home. It is usually taken out in addition to an existing first mortgage and can be used for a variety of purposes, such as making home improvements, consolidating debt or financing large purchases. Second mortgages typically have higher interest rates than first mortgages and require a larger down payment. They also come with more risk than traditional mortgages, as they are second in line to be paid off if you default on the loan.

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