Most mortgage lenders offer mortgages for around 80% of the value of the house, and expect you to finance the remaining 20% – their way of making sure that they will get the full value of their loan back. Many people find this difficult to finance, but there are companies who will help you to get 100% of the cost.
They do this by taking the extra 20% as a second mortgage. This second mortgage is secured on the remainder of the equity of the house, so it is secure, and often it is for a shorter period than the first mortgage. The second mortgage makes sure that you can buy your house without having to find large amounts of money at a time that you cannot afford to do so.
This kind of second mortgage, taking the loan up to 100% of the equity of the house can be used for other purposes such as home improvements and other tangible projects. The loan is secure, and therefore the interest rates are reasonable, and it means that you are making all of your financial assets work for you.
You should look and see the details of 100% home equity loans, it may well cost a lot less than you think, and it opens up possibilities that would not otherwise be available to you.
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