2007-03-27 08:32:02 · 5 answers · asked by debolakey 1 in Business & Finance ➔ Credit
They're bad, m'kay?
2007-03-27 08:36:13 · answer #1 · answered by SchrodingersTigress 5 · 1⤊ 0⤋
.is for your second house or for your secret wife that you have on the side. She may require a second mortgage. A second mortgage can help you with lowering the cost of your heating bill too I was told. I don't know exactly how though? I heard you could use a second mortgage to buy another home with and then you could keep doing this until you owned a 100 homes, but then prices will collapse and you will owe a lot of money on a useless asset because homes were made to be lived in, unless of course you find gold under the home, so maybe you should just mortgage yourself to death in the hopes of striking it rich with gold or oil or something like that, as that pitcher did who plays for the Dodgers. I hope that helps.
2007-03-27 08:38:35 · answer #2 · answered by Retarded_Question_Guru 1 · 0⤊ 0⤋
What is your question exactly? Usually people get second mortgages to avoid paying PMI. On the flipside, the second mortage can carry an interest rate of 11% or more. Also, PMI is now tax deductible, so there is something to consider. Weigh the options, see what works best.
2007-03-27 08:36:09 · answer #3 · answered by laura D 2 · 0⤊ 0⤋
sometimes a necessity for remodeling.
2007-03-27 08:37:22 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not at all advisable in its real sense!!!
2007-03-27 08:35:32 · answer #5 · answered by cabridog 4 · 0⤊ 0⤋
?
2007-03-27 08:35:19 · answer #6 · answered by Lisa 6 · 0⤊ 0⤋