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Is a Second Mortgage a Good Idea?

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If you need money for home improvements, tuition or another purpose, you might be able to secure funds through a second mortgage.

How Does a Second Mortgage Work?

A second mortgage is a loan that allows a homeowner to borrow against the value of their house by using it as collateral.

One option is to receive a lump sum of money to be repaid over a period of time. Another is to open a home equity line of credit.

Before getting a second mortgage, be sure to weigh the decision carefully.

Falling behind on your payments could put you at risk of foreclosure.

A second mortgage should only be used for a legitimate purpose that will benefit you in the long run.

Published with permission from RISMedia.

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About The Author
Frank Bisono

Frank Bisono is a top-producing, award-winning real estate agent with expertise in residential, luxury, lakefront, farm & ranch, airpark (hangar home) properties and commercial real estate. As a Real Estate Negotiation Expert (RENE) and a Texas Accredited Commercial Specialist (TACS), Frank has a proven track record of success in the industry. With experience as a real estate investor, he understands the unique needs of his clients and is committed to helping them achieve their real estate goals. As a US Navy and US Army veteran, Frank embodies the values of integrity, dedication, and hard work. He works with clients from all walks of life, providing them with personalized service and a wealth of knowledge about the Texas real estate market. With offices in New Braunfels, San Antonio, Austin, Houston, and the Coastal Bend Markets, Frank has a deep understanding of local trends and can provide valuable insights to his clients. Frank's commitment to excellence has earned him numerous awards and accolades throughout his career, including recognition as a top producer in his field. His passion for real estate and his commitment to his clients make him a trusted advisor and a valuable asset to anyone looking to buy or sell a property in Texas.

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