What To Remember About Second Mortgage Rates

Author: Jason Blackwell

There are some good reasons for refinancing a property. If investing in the property itself - perhaps building on to it or renovating the existing structure - will increase the value of the property by a greater amount than the loan itself then it can make sense. It can also be used as a way to reduce the rate paid on other debts by consolidating them into the new loan. Timing may also become a factor if the mortgage rates current trend is favourable. Often necessity is the driving motive and in this case it is all the more important to seek out the best second mortgage rate.
It is highly recommended to look further than your current lender when considering taking out a second mortgage. There are many options on the high street and this is eclipsed by the number of lenders online, so it is advisable to at least visit a few comparison sites to get an idea of what a good quote might look like for you. Obviously your personal circumstances may make it more or less easy to obtain a great rate.
For those not completely confident of their credit history it is advisable to get a copy of your credit report prior to applying for a second mortgage, as your credit score will likely affect the rate you are offered. Also of benefit will be to contact a good mortgage broker, as they will be able to provide some realistic expectations and advice on the best rates and terms available.


It is of vital importance that you realistically assess what amount and term should apply to your needs. Second mortgage rates are likely to be higher than your existing mortgage, and borrowing more than you can afford could result in the loss of your home. This is something you should try to keep in mind when considering refinancing your property as an option.

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About the AuthorJason writes informative articles for consumer advice site Buy Remedy.