Credible Staff

Risk of losing your home: Taking out a second mortgage can be a risky move if you aren’t sure that you’ll have the funds to repay it. Failure to repay your second mortgage might result in your home being foreclosed.&nbsp;
Closing costs fees: Like primary mortgages, second mortgages have closing costs and other fees. This can include appraisal, title search, and home inspection fees.&nbsp;
Higher debt burden: Taking on a second mortgage can increase your debt burden, putting a strain on your finances and increasing your debt-to-income (DTI) ratio.

The goal of the Credible editorial writers and staff is to help our readers get up to speed on issues surrounding student loans, mortgage, and personal finance, so you can make informed decisions. We’re here to help you stay on top of the latest news, trends, concepts, and changes in policy and regulations.