The second mortgage calculator is a nifty tool that can quickly calculate how much you can potentially qualify for and how much equity can be take out from your home. Calculating your 2nd mortgage monthly payments is an important next step in finding out what would be the cost of carrying forward the mortgage. The second mortgage calculator makes it easy for you to determine how much funds you can potentially borrow and I am always available to answer any questions you may have.

Why Some Homeowners Are Turning to Second Mortgages

Second mortgages are a popular approach for homeowners who need fast access to the equity in their home but do not wish to refinance or modify the existing first mortgage. Another reason second mortgages are popular is due to the ease of approval as the lenders are much less concerned with the credit rating and income level of the borrowers and more focused on the equity instead which means that homeowners suffering from any of the below situation are qualified for a second mortgage:

This ease in lending policy has further increased the total number of second mortgages in the recent years since many homeowners suffering with bad debt and poor credit can now borrow funds to pay off high interest debts such as credit cards to lower their monthly payments. The second mortgage calculator, which is a breeze to use, can show you how much you can potentially borrow to consolidate debt or use the funds for your needed purpose.

What Can a Second Mortgage Be Used For?

Although second mortgages can be used for almost any situation that requires funding, there are those situations for which second mortgages are more commonly used for. Below is a quick outline of what second mortgages are generally used for

• Debt consolidation is on the top of the list. Many homeowners use the funds to pay out credit cards that have high interest to lower their monthly payments
• Tax/Mortgage arrears are another common reason homeowners turn to second mortgages
• Paying collections and judgment
• Home renovation
• Short term/bridge financing or emergency situation
• Purchase of a business or down-payment fora new purchase

Regardless of what your situation may be, you can use the second mortgage calculator to calculate how much you can potentially qualify for and once your monthly payment is determined, you would know how much would be your saving or your cost for carrying forward the 2nd mortgage.