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You can also open a line of credit with your home’s equity. That way you use only the cash you need. You can pay off the balance monthly or over a couple of years. In addition, fees are usually less with this type of credit.
Even though closing costs should be considered with a second mortgage, know that you can get a tax advantage. You can write off interest paid and some fees. That isn’t an option with credit cards or personal loans.
Is a Bad Credit 2nd Mortgage the Best Option?
Take a look at your own budget and financial goals to determine if a second mortgage can help you. Do you need the cash now? Are you concerned about rates? Then a second mortgage should be considered.
Be sure to also research lenders. With a bankruptcy,
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Here are our
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Carrie Reeder is the owner of
ABC Loan Guide, an informational website about various types of loans.