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What is a HELOC second mortgage?

April 26, 2017HELOC second mortgage

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What is a HELOC second mortgage?

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A HELOC second mortgage is nothing more than a HELOC (home equity line of credit) taken after you already have a first mortgage loan. HELOCs are increasingly being used as first mortgages, which is dangerous since HELOCs are structured as ARMs with the interest rate adjusting daily.