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The value of a homeowner's unencumbered interest in real estate. Equity is computed by subtracting from the property's fair market value the total of the unpaid mortgage balance and any outstanding liens or other debts against the property. A homeowner's equity increases as he pays off his mortgage or as the property appreciates in value. When the mortgage and all other debts against the property are paid in full the homeowner has 100% equity in his property.

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A Second Mortgage Vs. A Home Equity Loan
By Jay Moncliff
Second Mortgage Tip #1 One Time Expenses
A second mortgage is the preferred option if you have a one time big expense you need to cover. Examples of this include remodeling your kitchen, paying for a wedding, or buying a new car. In these instances a second mortgage will probably work best for you; however this will depend on the in your home and your credit score.

Second Mortgage Tip #2 Recurring Expenses
If you are going to have recurring expenses then you might not want a second mortgage because a home loan will work out better for you. The second mortgage is best for large amounts of money at once while recurring expenses like tuition are better

paid for with a home line of credit.

Second Mortgage Tip #3 Repayment
You will also need to consider your ability to repay and which option will suit you best. A second mortgage can be financed similarly to your first mortgage, while the home loan can be paid back more like a credit card. Consider your financial position and ability to make monthly payments before applying for either a second mortgage or a home loan.

If you still don’t know whether a second mortgage or home line of credit is for you, then talk with your lender and see what is recommended for your equity, credit, and ability to repay the loan.

Jay Moncliff is the founder of
www.new-mortgage-center.info a website specialized on Mortgage Refinancing, resources and articles. This site provides updated information on Mortgage. For more info visit his site: Mortgage Company

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