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islandgirl | Whats the difference between a Home Equity line of Credit and taking out a Second Mortgage? |
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 |
 
starke222
 |
A Home Equity line of Credit(HELOC) is a type of mortgage program and a Second Mortgage describes the loan position.
Often HELOCs are used as 2nd Mortgages, but there are other 2nd mortgage programs to choose from.
A HELOC is based off of the Prime Rate index, which is derived from the Fed Overnight Funds Rate (Alan Greenspan stuff - ex head of Fed).
2nd Mortgages mean just that... they are in position behind another mortgage. In the event of foreclosure, liens are paid off according to their position. 1st mortgages would have to be fully paid before any proceeds would go to paying off a 2nd mortgage. |
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The Last Patriot
 |
The HELOC loan is essentially the same as a second mortgage. The only big difference is the HELOC will extend future funds to you by allowing to "go back to the well" a few times till the bank has a nice "chokehold" on your property.
Remember the bank is NOT your friend. Their main purpose of giving you the money is to try to "get back more than it gave".
To quote a good friend of mine. You'll see more Jags and Mercedes in employee parking lot of a bank than you ever will at a car dealership. (And the car guys supposed to be the crooks). |
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Kokopelli
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A typical second mortgage is a closed-end loan. You receive a certain amount on the mortgage and then pay it back in installments over a period of time
A Home Equity Line of Credit, sometimes abbreviated as HELOC, is an open-ended line of credit, which means you receive a set of checks and write checks against the available credit even as you are paying it back. You can even use one of the checks to make a payment on it. All of this increases the amount you owe and even the monthly payment. Some home equity loans require a minimum interest only payment initially, unlike a typical second mortgage, where the payments are structured to include sufficient principal to repay the loan in full within a specifed number of months or years. |
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philbertpheinstein
|
To your pocketbook, essentially the same. |
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ZCT
|
Many good answers. But the big difference you should also bear in mind is that with a HELOC it is considered revolving credit as opposed to installment credit. A HELOC will also often look like maxed out revolving credit which can certainly hurt your credit score. This could ensure future lending may be more expensive. |
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nelson_devon
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A lin of credit is like a checking account (you will probably even get checks). A second mortgate is just some money up front and then you pay it back, you have no provision to get more money if you need it. |
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httnmrtt
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A second Mortgage is very much like the first mortgage with higher interest rates and shorter term. The mortgage company holds a lien on your property. An equity line of credit allows you to draw money out of your house based on the value of the house less any outstanding debt on the mortgage. The amount of money available in a line of credit continues to grow as your property appreciates, and you avoid taking out more than you need. If you put the money from a second mortgage into a bank account, you;ll be paying more interest on the loan than you would get from any account you put it in. |
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cini
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With a line of credit, you are approved for a fixed amount and you can use it or just get it for use later. You can use some of it or all of it. You pay interest on what you use and you pay it back just like you would a credit card. You can pay a monthly minimum amount or you can pay it in full. The basic difference between a line of credit and a credit card is that you pay interest as soon as you use the money....unlike a credit card which only charges interest if you don't pay it in full by the next due date.
A second mortage is same principal as a first mortgage, the only difference is that you are removing the value of your equity. You select the type of mortgage, fixed, ARM, etc. and the term...10 years, or however long you like to pay it back. |
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thinkfast
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Try the website provided for your answer. Explains this much better than I can. |
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taytay
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put it in a purse |
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