Closed-End Second Mortgages
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Business & Economics
What Is a Closed-End Second Mortgage and How Does It Work?
83% Informative
A closed-end second mortgage is a type of home loan that allows homeowners to borrow against their home's equity.
This type of loan provides a lump-sum payment upfront with a fixed repayment schedule and interest rate.
The amount that can be borrowed is usually limited to 85% of the home's total value, including the first mortgage balance.
This loan provides a fixed interest rate, predictable payments and a one -time lump sum.
However, it also comes with risks, including higher interest rates than first mortgages.
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