What’s the difference between a second mortgage and a home equity loan?

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facebook-ask-debbieA second mortgage loan covers the costs of a second home, for example, a vacation home. The result is that the borrower has two mortgages and two homes. A home equity loan, on the other hand, allows the borrower to refinance their existing mortgage to get cash – or equity – out of their home. It’s still one mortgage, but it’s been refinanced.

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