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Hi, how to get a second mortgage on your loan. That's going to be the subject of today's
discussion. My name is Adriel Torres and I'm the owner of Ultimate Credit Today. Com. A
second mortgage basically means a loan that is in the second position to your first. It's
called subordinate loan or second mortgage and you can obtain those by going to your
local bank or your local mortgage broker and they can broker the loan for you and get it
from a different bank. Basically the only difference is that it goes into the second
lien position behind your first mortgage. Your monthly payments are the same. The only
difference is that on the second mortgage you're not paying taxes or insurance because
the taxes and insurance are paid on the first mortgage. The only thing you're paying on
the second mortgage is just the monthly payment for the amount you borrowed depending obviously
on your interest rate, and on the term which could be a ten year, fifteen year or a twenty
year note. So that's the only difference between a first and second mortgage. Again my name
is Adriel Torres and I'm the owner of Ultimate Credit Today.Com. Thank you very much.