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    paulsme2's Avatar
    paulsme2 Posts: 1, Reputation: 1
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    #1

    May 31, 2007, 12:20 PM
    2nd. Mortgage
    Can you get a 2nd mortgage if you have a equity loan? What is a 2nd mortgage??
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
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    #2

    May 31, 2007, 01:13 PM
    Your Home Equity Line Of Credit IS a second mortgage. You could get a new second mortgage, that would have to be large enough to pay off the existing second. If you were able to find a lender willing to loan you additional money on your home without paying off the old second, then the new loan would be a 3rd mortgage, that would carry a MUCH higher rate that a second, due to the added risk of being in third lien position.
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