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Second Mortgage Rates
There are two types of second mortgages: fixed and variable rate. The interest on a fixed rate will remain the same throughout the life of the loan.
The variable or adjustable rate mortgages (ARMs) have interest rates that can be periodically changed by the lender. Adjustable rates generally have shorter terms, lasting between one and 20 years, with periodic rate resets.
Individuals who are considering a variable rate mortgage need to take a number of factors into consideration before making their decision. It is important to discuss the following topics with the mortgage company:
When the interest rate can change
How frequently the rate can change
How high the rate can rise
What the rate change is based on
It is important to get specific information regarding each of these factors. Second mortgages should never be signed without all of the above information. It is best to get the information in writing, this prevents lenders misleading or misconstruing information.
The mortgage company should also be able to explain how their rates are determined and what may cause them to increase throughout the life of the loan. It is important to ensure that interest rate changes are determined on a specific set of criteria. This information should also be obtained in writing.
Either type of mortgage rate will result in a loan that is comparable or slightly more expensive than first mortgages. The second mortgage may be slightly more expensive because the lender understands that the first loan was already foreclosed on. This means that the second lender is absorbing more risk and may be warier of offering a mortgage.Source:http://www.mortgagecalculator.org/
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