www.bdnationwidemortgage.com - Many people wonder why the interest rates for second mortgages are higher than those for first mortgages. The reason for this is a second mortgage is a subordinate loan secured by the same property as the first mortgage. Thus, if the mortgage isn't paid and there is a foreclosure on the property, the first lender is paid off before the second lender. As a result, second mortgages entail more risk for the lender. To offset the risk, lenders charge higher interest rates for second mortgages than for first mortgages.readmore..
Maria Ny is a respected free-lance writer who has published many mortgage related articles. Get more info at BD Nationwide Mortgage for Second Mortgage & Home Equity Loans. For more 2nd mortgage advice & home equity refinancing tips, visit Fixed Home Equity Loans and Second Mortgage Refinance Loans.
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