Second Mortgage To: Buy Another House

A one-time lump sum payment with a fixed interest rate.

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A flexible revolving credit line that works similarly to a credit card, where you only pay interest on what you use. Why Do It? A one-time lump sum payment with a fixed interest rate

Many HELOCs have variable interest rates , meaning your monthly payments could increase if market rates rise. you risk losing your house.

When people talk about a "second mortgage" for a new purchase, they are usually referring to one of two things:

Your primary home serves as collateral . If you can’t make the payments, you risk losing your house.