Second Mortgage versus HELOC

[Ashley Anderson]

Good Morning! 

I see a lot of conversation about HELOCs and HELs - but not a whole lot about a second mortgage as a option to get started. 

About me: owner of a primary residence, looking to get a multifamily (preferred but open to single family) property soon. Going to use equity from home to purchase next property. 

Has anyone used a second mortgage? Pros and Cons?

[Jay Hurst]

Quote from @Ashley Anderson:

Good Morning! 

I see a lot of conversation about HELOCs and HELs - but not a whole lot about a second mortgage as a option to get started. 

About me: owner of a primary residence, looking to get a multifamily (preferred but open to single family) property soon. Going to use equity from home to purchase next property. 

Has anyone used a second mortgage? Pros and Cons?

HELOC= Short term uses

fixed rate second= long term uses