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Mortgage second loan
A loan that often is obtained for refinancing purposes, switching from a high-interest
rate to a fixed-rate mortgage loan, or either extend or reduce its duration.
Second loans are usually fixed rate mortgages, which the interest rate is set
for the life of the loan instead of variable rate mortgages or adjustable rate
mortgages (ARMs).
When it comes to a mortgage second loan, the term for repayment may extend
for as long as 15 to 20-year term, although it will depend on the size of the
mortgage, a lender may require repayment of the debt within one year.
Depending on the financial institution or individual creditor, some fees for
lending money on a mortgage second loan may apply.
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