Second Mortgages

Second mortgages use the force to help remedy your original mortgage, or secure an additional one. Just kidding about the force part. But second mortgages are still worthy of your attention!

Second Mortgages - For When One Mortgage Just Won't Cut It

What you need to know about second mortgages

The Mortgage Jedi is willing to bet that you know little about second mortgages. Not only does the Mortgage Jedi like to refer to himself in the third person, but he's an awfully good guesser. Using the force always helps. Here is a little true-or-false quiz for y'all.

1. Second mortgages are the same as your original mortgage, only there are more than one this time!
2. Applying for second mortgages is next to impossible without hiring an entire team of certified brokers. You have to be an expert to even consider applying for pre-qualifying for a home loan. Don't bring that application in here unless you are one of the chosen few.
3. You can refinance your home via second mortgages. With interest rates nearing record lows, and since no one has figured out how to create more land, or how to travel to and colonize distant planets (unlike the Star Wars films would have you believe), demand for real estate is high. Trading in your old mortgage for a new, more beneficial second mortgage is a viable financial option worth considering.
4. Second mortgages will almost always set you back a little at first. The savings are likely to manifest themselves over the long haul. Refinancing likely entails fees, not unlike your initial home purchase.
5. Whether it's your first, second or third mortgages we're talking about, looking for a home anywhere near Boston, San Francisco or New York is apt to be really inexpensive. Everyone wants to live there, so the homes are crummy and the prices low.
6. George Lucas is currently filing a lawsuit against this site for blatantly infringing upon his trademarked films.
7. Even if you suffer from doggone, horrendous, terribly bad credit, mortgages are still available to you. With a little adjusting (mentally) and hard work, your home buying dreams can still come true.

Hopefully, this quiz was helpful to you. See the answers below. If you scored seven out of seven, you are most likely a genius. Not really, but still a nice job on your part. If you scored less than seven out of seven, take the test again until you ace it! The Mortgage Jedi isn't hear to grade you, only to help!

Answers: 1) TRUE. 2) FALSE. 3) TRUE, TRUE, TRUE. 4) TRUE, TRUE, TRUE! 5) FALSE. 6) FALSE (thankfully)! 7) TRUE.

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