Nevada second mortgages
Second mortgages with fixed or adjustable rates are available and like first mortgages, there are pros and cons associated with each. An adjustable-rate home equity line of credit (HELOC) requires payments equal to interest only but interest rates may increase. A home equity loan requires higher payments, but is fully amortizing. Either type will have a higher interest rate than what’s being offered on a first mortgage. And both involve the risk of home foreclosure should you default on your payment obligations. But regardless, many homeowners pursue second mortgages because they find these issues less of a hassle than refinancing their first mortgages.
