Second Mortgage FAQs

What Is A Second Mortgage?

A second mortgage is simply a second loan on your home. It's a type of loan that allows you to borrow using the equity, or value, accumulated in your home as collateral. The loan is secured by your house. Second mortgages can be used as a source of funds for just about anything, from home improvements to college tuition to a vacation home or business expansion. Its popularity is attributed to its affordability, flexibility and freedom in use of funds. Depending on its features and repayment terms, a second mortgage loan is also known as a home equity loan or a home equity line of credit.

Can I refinance my second mortgage with Countrywide?

We're eager to say "yes!" But first, let's talk and exchange some basic information. You can reach our helpful, experienced Loan Consultants by calling 1-800-909-8217 right now for a FREE, no-obligation consultation.

If you are looking to refinance your second mortgage, but are still gathering information, we offer a wide range of refinancing options. Visit our Refinance section for more information.

What Are My Second Mortgage Loan Options?

If you are a homeowner, you can choose between the predictability of a lump sum, fixed rate and payment home equity loan; or the flexibility of an adjustable rate, home equity line of credit, which works similar to a credit card during the draw period in the sense that additional funds are available if a portion of the credit line remains unused or has already been repaid.

If I have bad credit, can I get a second mortgage?

Even if you have a less than perfect credit history, we’d like to see if we can help you to get a second mortgage. “Bad credit” isn't a label we like to use at Countrywide, but if it's a problem you have, don't give up hope. Countrywide believes your future is just as important as your past. That's why our Loan Consultants will do there best to see if you qualify for a prime loan.

Is a second mortgage a good option for debt consolidation?

Learn more about consolidating debt in our Debt Consolidation Guide. Or, call us today at 1-800-909-8217 to find out more about the home loan options we offer that can help with debt consolidation. Even if you're challenged by debt or a less-than-perfect credit history, we're eager to make the benefits of a second mortgage loan available to qualified borrowers.

If you have any other questions, feel free to give a Countrywide a call today. Our friendly Home Loan Consultants will do all they can to help you fulfill your financial needs.