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The primary purpose of the secondary mortgage market is Issue second mortgages
Your lender's standards for your second mortgage will probably be more stringent than those for your first mortgage because it will be subordinate to your primary mortgage. Your credit score might need to be raised, and your interest rate might be greater than it was for your initial loan (though it will still be lower than it would be for an unsecured loan). Additionally, you'll need to show that you can manage another loan payment. If you need to get out of a second mortgage, you have a few options. You have three days to terminate a home equity loan or line of credit without incurring fees if the transaction has just concluded. Following that, you have three options: pay off the debt outright, convert your second mortgage into a first mortgage, or file for bankruptcy.
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