What are the closing costs associated with taking out a 2nd mortgage?
The closing costs associated with a second mortgage will depend upon the type of program you select. A traditional fixed rate mortgage with a set installment period tends to have a higher upfront cost, due to the nature of the fixed interest rate. Home equity lines of credit have a lower cost to close in the short term, but have a much higher cost to consumers in the long run, due to the nature of the adjustable rate they come with.
