Length of Second Mortgage - Some second mortgage loans may extend for as long as 15 or 20 years; others may require repayment in one year.
Payment Calculations - Be sure you understand how much your monthly payments will be and what they cover. Your mortgage company should be able to give you this information in advance.
Second Mortgage Costs - Many companies will charge a fee for lending you money. The fee is usually a percentage of the loan and is sometimes referred to as "points."
Second Mortgage Rates - If you have a fixed rate loan, the interest rate is set for the life of the loan. However, many companies offer variable rate mortgages, also known as adjustable rate mortgages or ARMs.