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Refinancing a mortgage is when a homeowner takes out a new mortgage to pay off an existing mortgage.
A home equity loan allows a homeowner to borrow money using their property as security.
Unsecured debt may be an expensive way to finance purchases--because the lender has no collateral, interest rates can be high, in some cases over 25%.
A second mortgage, by definition, is any loan that creates a second lien on a homeowner's property.
Home improvement loans can take several forms, each ideally suited to different borrowers' lifestyle and financial plans.
Adjustable rate mortgages (ARMs), move with prevailing financial market conditions, with interest rates that reset or "adjust" periodically over the life of the loan.
A new home loan is the first loan the buyer takes out to pay for a new property, not just the mortgage a first-time home buyer takes out.
