What is second mortgage?

Written by Ajay Pats

Continued from page 1

For example, your loan specifies that you will payrepparttar prime rate + 5%. Ifrepparttar 100113 prime rate is currently 6.5%,repparttar 100114 interest rate on your loan will be 11.5%. The interest rates will be evaluated periodically, and ifrepparttar 100115 prime rate has changed, your interest rate will change along with it. Of course your monthly payment will also change accordingly.

A line of credit second mortgage is just that: an amount of money that you can borrow at a future date as needed. This amount is available to you all at once or in several small disbursements spread over many years.

For example, you apply for and get approved for a $50,000 line of credit (secured by a second mortgage on your home). You can borrowrepparttar 100116 entire $50,000 at one time.

Alternatively, you can wait a few months and borrow $20,000 for a new car. A few months later you can borrow $6,000 to add a room to your house. Later still, you can borrow another $3,000 to pay off a credit card bill.

So far you will have borrowed $29,000, meaning that you have $21,000 left on your line of credit that you can borrow later if you need to.


Second mortgages allow homeowners to taprepparttar 100117 equity in their homes to purchase expensive items, pay of debts, or most anything else.

Home equity loans are usually used to fund a present need while lines of credit are often established for use at some time inrepparttar 100118 future.

It is very important that you use a second mortgage wisely because if you get into financial trouble you can potentially lose your home. But if used properly, a second mortgage can help you enjoy a better lifestyle, now and inrepparttar 100119 future

Ajay Pats is a professional manager.He manages real estate broking site "Real estate broker" (http://realestatebroker.nexuswebs.net/realestatebroker/index.html),community for home based business entrepreneurs "Venturecon/Home business opportunities"(http://groups.msn.com/venturecon) and inspirational ezine "Discover secrets of happy and prosperous life"(http://www.topica.com/lists/venturemall).

(New construction windows or replacement windows? Which is right for you?)

Written by John Rocco

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windows. If you were going to install your replacement windowsrepparttar same wayrepparttar 100112 original windows were installed, you would have to removerepparttar 100113 exterior material around each window in order to get to those nails holdingrepparttar 100114 frame in there. You can see how this pro- ceedure could cause many problems, not to mention allrepparttar 100115 labor involved. I have seen homes in california with stucco exteriors whererepparttar 100116 homeowner hadrepparttar 100117 stucco cut out in order to removerepparttar 100118 old windows.The problem was they were unable to matchrepparttar 100119 stucco colors after patching. Its just not a very efficient way to replace windows. Sorepparttar 100120 replacement frame was designed. In most parts ofrepparttar 100121 country it's simply a new construction window frame withrepparttar 100122 nail fin removed. Inrepparttar 100123 west,where stucco is a common home exterior,a retrofit frame was designed. If you're going to be replacingrepparttar 100124 exterior material on your home, then you might want to consider going withrepparttar 100125 new construction window sincerepparttar 100126 nailing fins will be exposed anyway. Also, chances are that a contractor will be doing your exterior replacement,and it would be wise to letrepparttar 100127 contractor installrepparttar 100128 windows as well.Since my installation videos deal with window replace- ment only, these articles will focus on replacement frames and retrofit frames. Using these two frame styles,a do it yourselfer can replace their old windows without any damage to existing interior and exterior surfaces.Andrepparttar 100129 job can be done using common tools such as a drill,tape measure, and caulking gun. In next weeks article,we will discussrepparttar 100130 replacement of wood sash windows.

John Rocco has been installing replacement windows since 1978 To learn more, visit How To Install Windows

I have been replacing residential windows since 1978. I now sell vinyl windows and doors as well as instructional videos through my website:http://www.how-to-install-windows.com

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