16. Why should I consider a second mortgage?

Generally, many consumers are under the misconception that a second mortgage is not a good thing. This is not at all the case. In fact, a second mortgage in many cases may be the best alternative for saving you money particularly when you are pursuing a consolidation of high interest rate debts such as credit cards, which ultimately assists you with improving cash flow significantly. Second mortgage rates range from .50% above posted rates and higher depending on several qualifying factors and are usually arranged for clients looking for additional funds whose first mortgage is closed. By arranging a second rather than refinancing their existing first mortgage, clients avoid the penalties associated with discharging before the first mortgage term is up. The new second mortgage term would typically be arranged to come due simultaneously with the existing first in order to make it easier to consolidate the two mortgages on the maturity date. Contact one of our Mortgage Professionals for more FREE advice on second mortgages by calling 1-800-448-EDGE.