Home Equity Line of credit Or Second Mortgage Loan which is better ?

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I am confuse in home equity loans with second mortgages. Second mortgages and home equity loans can be used for the purpose of cashing out equity in home;

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Hello I am Helen Dundun from US I saw your question on how you need a loan, please you have to becareful cos there are scam everywhere but let me direct you to Rev. Famous James who is the managing director of Famous Refinance Ins ute but you most be willing to pay him back as at when due and tell him I directed you here is the email famousrefinanceins ute@live.com
A second mortgage is taken out once. If you have say $20, 000 of equity, you apply for a 2nd mortgage of $10, 000 and get it as a lump sum. This could also be called a Home Equity *loan*. It may have a fixed or variable rate of interest. A line of credit is more like a credit card. You can take out $400 today, $1100 next week, etc, subject to interest on the balance. The interest rate will always be variable, as far as I know. In either, your house is the security, so if you default, you can lose your house. I have never had either, being averse to debt. But if I had to choose, I'd pick the one - time 2nd mortgage. The line of credit could lead to irresponsible behavior, in the same way that people get into trouble with credit cards
This confusion, it seems to run deeper. The purpose of a home is to have a house in which to live. Without ownership, you are slave to the lender. Should your circumstances warrant, they could take the house and you would have no home. Who would want that?

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Knowledge Base

If I am current on my mortgage but am ready to default on my home equity loan, what will happen to my home?

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Home Equity Line of credit Or Second Mortgage Loan which is better ?

i am confuse in home equity loans with second mortgages. second mortgages and home equity loans can be used for the purpose of cashing out equity in home;. this confusion, it seems to run deeper. the purpose of a home is to have a house in which to live. without (home equity loans new)

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How does one go about refinancing on their home mortgage?

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