What is the Average Second Mortgage Interest Rate?
Recently conducted financial surveys have yielded an average second mortgage interest rate of 5.1%. It is a widespread misconception that second mortgages always have higher interest rates than first mortgages. In many cases this is not true. Second mortgage interest rates are generally determined by credit rating, net income, and other similar factors. Before taking out a second mortgage, it is wise to obtain online quotes from as many companies as possible and compare them to get the best possible deal.
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