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When someone takes out 2nd mortgage is it because of good credit and they have a lot money to spend?

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Asked By: Lisa1471 36-40, F  4 months ago

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1 Answer to "When someone takes out 2nd mortgage is it because of good credit and they have a lot money to spend?"

  1. Steven46 - 46-50 years old - male

    Posted by Steven46 Jan 8th, 2013 at 4:56PM

    No. It's because they are borrowing against their equity.

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  2. Lisa1471 - 36-40 years old - female

    Reply by Lisa1471 Jan 8th, 2013 at 5:31PM

    Against?

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  3. Steven46 - 46-50 years old - male

    Reply by Steven46 Jan 8th, 2013 at 6:10PM

    Yes, they are using their equity as collateral.

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