Second Mortgages
You may want to consider a traditional second mortgage loan if you are thinking about a home equity line of credit. This type of loan allows a fixed amount of money repayable over a fixed period. A second mortgage loan should be taken into consideration if you need a set amount for a specific purpose. For example, second mortgages can be used to fund other expenses, pay off debts, and or using it as a down payment. This program is similar to applying for a first mortgage, but this program allows you to take out a second loan on the same property. Like standard mortgages, second mortgages may have varying terms, ranging from 1 year up to 20+ years depending on your situation.

Home Equity Credit Line of Credit
Home equity lines may be useful source of credit if you need to borrow money. This type of loan allows you to have certain tax advantages and you are able to borrow large sums of money at an affordable rate. This program requires you to use your home as collateral for the loan. Your home may be at risk if you make late payments or cannot make monthly payments.

How much can be borrowed?
Your creditworthiness plays a big roll on how much your lender may let you borrow. Lenders may let you borrow up to 85% of the appraised value of your home minus the amount owed on your first mortgage.