Tagged : line of credit

Found 1 blog entry tagged as "line of credit".

A lot of my clients have been calling lately about their 2nd mortgages and home equity lines of credit. Lenders have been freezing credit lines and reducing high credit limits, decreasing the available credit to homeowners and making a lot of people quite upset in the process.

Just to clear up a common misconception, a home equity line of credit IS a second mortgage, a type of second mortgage. A handful of years ago, lenders realized that the term “2nd mortgage” was much less appealing than “line of credit” so the marketing term for a revolving credit line that is lien’d against a property in 2nd position (the house serves as collateral for the repayment of the debt), is just that, a mortgage in second position (2nd mortgage). This is important in

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