by SS&SS
Question by answergrrl: Why are second mortgages considered "bad"?
We got one to pay off credit card debt. The interest rate is way, way lower than the credit cards, and the term of the 2nd mortgage is 10 years. What's wrong with that?
I wanted to add, I feel the loan officer was not forthright in explaining that this was a "second mortgage". I feel he did this because it has negative connotations, but I wasn't sure why.
Loan was 30K, home value 275k, with 180 owed.
I agree about
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