| THIRD MORTGAGES |
What Is A Third Mortgage |
A third mortgage is usually a good idea in order to keep a fixed payment when one knows the exact amount of money needed for a specific project. A Home Equity Line of Credit, similar to a third mortgage generally is more like a revolving credit account that one can draw off of. A third mortgage is usually based on a fixed rate while a HELOC is based on an adjustable rate. A third mortgage is tax deductible and keep a fixed payment over then term. A second mortgage is usually based on a 20 or 15 year term. A third mortgage is less common than a second mortgage or a HELOC. A third mortgage generally holds a higher rate than a first or second mortgage. The lender is aware that in a foreclosure situation they are less likely to get their money back. The first mortgage would be paid first, the second next and they would receive whatever was left over. There is more risk for the lender, hence, a higher rate. We look forward to serving you.
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