A second mortgage is a loan secured by your home that is subordinate to your primary (first) mortgage. It allows homeowners to borrow against their home equity while keeping their original mortgage intact. A fixed-rate 2nd mortgage is a loan with a predetermined interest rate that remains constant throughout the entire loan term. This means that your monthly mortgage payments will also remain the same, providing predictability and making budgeting easier. A 2nd mortgage loan can be used to finance the purchase of a property or use the equity in your home for anything that you choose. Fixed-rate mortgages are typically available for terms of 10, 15, 20, or 30 years.
