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Only by using a subordinated piece of collateral, a borrower can get a second mortgage and that collateral is his home equity. <\/p>
After deducting the outstanding loan balance from the home\u2019s appraisal value you will be able to calculate the home equity.<\/p>\n
In the early phases of a mortgage loan repayment, many borrowers find themselves in an underwater mortgage because the value of the property can decrease and the mortgage balance has not yet been substantially paid down. <\/p>
A borrower has a couple of options for a second mortgage home equity loan if he has home equity in his home. <\/p>
The second mortgage products are either a standard home equity loan or a home equity line of credit. <\/p>
A home equity loan and a home equity line of credit are both based on the available equity in a borrower\u2019s collateral.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t