2nd Mortgage and equity take out

2nd mortgage on your home means a 2nd lien placed on title.  To qualify for a 2nd mortgage or equity take out, depends on the location of the property and how much  equity there is.  In most cases credit and or income is not a focal point.  

Terms for 2nd mortgages are usually 12 months only.  They may be renewed by lender if the repayment is satisfactory.

Borrowers need to understand and know their exit strategy.  2nd mortgage should not be kept longer than the 12 months.is

A good mortgage broker will first determine if 2nd mortgage makes sense.  If you need funds quickly, once should compare the cost of refinancing the 1st mortgage or doing a 2nd mortgage.  There are pros and cons on both sides, and a reputable mortgage broker will help to determine that.