Many homeowners have received phone calls and mail inviting them to take advantage of lower interest rates on a 2nd mortgage.  However, they may not have a clear understanding of 2nd mortgages.  After all, what is a 2nd mortgage?  Does it mean you’re buying your home all over again?  How does it work and what is it for?  A 2nd mortgage is a loan that is secured by your home and is secondary to the first mortgage on the property.

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