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What are the typical terms of a traditional second mortgage?

April 26, 2017second mortgage terms traditional

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What are the typical terms of a traditional second mortgage?

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A traditional second mortgage has a fixed rate of interest with equal monthly payments applied over the life of the loan. The rate of interest is determined by a borrower’s equity and credit and is usually a few percentage points higher than rates on first mortgages. The typical loan term typically ranges between 15 to 30 years.