Lowest rates guaranteed*
Loan assessments made easy.
Join the LEi team..
Click to Download latest version of Adobe Acrobat 
What Is A California Second Mortgage?
Individuals who already own a home can breathe a sigh of relief as these individuals can use their home as collateral and borrow against it by opting for a California home loan mortgage refinance or a second mortgage.
Until a few years ago, California home loan mortgage refinance was not really very popular because it carried along with it the baggage of financial hardship. But with a lot more people building bigger homes and remodeling their homes into luxury homes, a second California home loan has become commonplace.
Most California home loan companies deal with both first mortgage as well as second mortgage plans. A lot of them are now offering individuals who are above the age of 62 the option of a reverse mortgage.
A second loan mortgage is the loan that an individual takes out after the first California home loan. The second mortgage is secured against the same assets as the first. Usually a second California home loan carries with it a higher rate of interest than the first loan. The second mortgage is based on the amount of equity or interest or ownership that the individual has on the property.
Most home buyers take out a second California home loan for a number of reasons including financing home improvements, college tuition fees, debt consolidation or other emergency expenses. Usually, a second mortgage carries a higher rate of interest than a first mortgage.
- Copyright 2005 Lyons Enterprises, Inc. All rights Reserved
- Legal Disclaimer
- Licensing