Can someone please tell me the difference between a 2nd mortgage, home equity loan and refinancing?

Question by angll_80: Can someone please tell me the difference between a 2nd mortgage, home equity loan and refinancing?

Best answer:

Answer by SuperCactus
If you own a home with a mortgage and you get a home equity loan the lender will place a 2nd mortgage on your home to secure the loan.

When you refinance you replace the mortgage (usually the first mortgage) with a new loan.

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