Are there downsides to a second mortgage beyond the higher interest rate?

Asked by Trulia Brooklyn, Brooklyn, NY Mon Feb 11, 2013

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Michael Denniston’s answer
Michael Denn…, Agent, Queens, NY
Mon Feb 11, 2013
There are pros and cons with every financial decision, and mortgage are no exception. The key is choosing the financing option that's best for your specific circumstances. There are low fixed rate seconds available today subject to your credit profile, debt to income ratio, property type, amount of equity in your home and loan purpose (i.e, purchase or refinance). I hope my response was useful. For additional information or assistance, please contact me directly at 917.699.0183 or via email at Follow me on twitter @mdenniston247.

Michael Denniston
Senior Loan Officer
NMLS 24076
Cliffco Mortgage Bankers
New York
1 vote
Thank you!!!!
Flag Fri Feb 15, 2013
The Stephen…, Agent, Portland, OR
Mon Feb 11, 2013
Generally you also have to pay Mortgage Insurance Premiums when you have a second loan, this will significantly increase the price (usually by 100's of dollars a month) of your overall mortgage payment.
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