What is the Difference Between a Home Equity Line of Credit (HELOC) and a Second Mortgage?

What is the Difference Between a Home Equity Line of Credit (HELOC) and a Second Mortgage?. HELOC & Mortgage

What is the Difference Between a Home Equity Line of Credit (HELOC) and a Second Mortgage? video duration 1 Minute(s) 4 Second(s), published by Replace Your Mortgage on 02 01 2016 - 03:22:39.

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Transcript

What is the difference between a home equity line of credit and a second mortgage? A second mortgage is no different than your first mortgage where it's a 20-year loan typically is what a second mortgage is. It's a traditional loan where it's like an installment loan or an amortization schedule-type loan. It's no different than your first mortgage.

Where a home equity line of credit is associated to that equity above and beyond your first mortgage. You're only going to pay interest on what the balance is at the end of that day. Where again, a second mortgage has a fixed payment, a fixed rate, for a set period of time. Where a home equity line of created allows you . it's open-ended so you can put all your money into it, pay your bills out of it, and it allows you to explode through that debt extremely fast compared to a second mortgage. Now if you liked this video, be sure to like here, subscribe to our channel. Take care. God bless. You guys are still here. Awesome. Click somewhere on this screen. I'm not really sure where. I've picked out two more videos that I believe you'll find a lot of value from. Take care. God bless.