Second Mortgage Resources and Information – The traditional second mortgage is now more commonly called a Home equity loan (hel). A Home Equity Line of Credit (HELOC) is also referred to as a second mortgage. Both loans are secured by the.
When should you refinance your mortgage loan? – If you have both a first mortgage and a home equity loan. you take out a new mortgage on the same property in which the amount borrowed is greater than the amount of the previous mortgage. The.