What is a Second Mortgage? Home Equity Loans | Zillow – Disadvantages of Second Mortgages. The major downside of a second mortgage is that the loan is secured by your home, so you can lose your home if you don’t repay the loan. Plus, you may have to pay significant fees to get a second mortgage (usually closing costs are 3-6 percent of the total loan amount), and your interest rate might not be.
Second Mortgage Loans | Parsons FCU – 15-Year Fixed, Second Mortgage. *APR = Annual Percentage Rate. Available. Other fees may apply depending on the loan amount and state of residence.