A second mortgage allows you to use your home’s equity, and put it to work. Instead of having that money tied up in your home, it’s available for expenses you may have currently.
The process of obtaining a second mortgage is similar to the way you qualify for a primary mortgage. You may also be required to get an appraisal to confirm the value of your home. Borrowers who are looking to take out second mortgages can obtain fixed home equity loans without impacting their first mortgage.