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Discussion in 'Credit Talk' started by peeper, Sep 12, 2001.
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With H.E. you can write checks against the Orig. Bal.
Can't do that on 2Nd. or Refinance!
A refinance, you "refinance" the original mortgage...START OVER...hopefully at a lower interest rate and payment....YOU MAY BE ABLE TO GET "CASH-OUT" (to pay other bills) AND STILL HAVE A LOWER PAYMENT...
A second is just that a "SECOND" LOAN ON THE PROPERTY...you have to pay both.
The difference is the ignorance of the consumer. But it isn't his fault.
The term mortgage refers, technically, to the instrument (agreement in writing) called Mortgage. It is the understanding between both parties that the loan is collateralized by the real property. The loan instrument is on a different piece of paper, and is called the Note.
Home equity loan is typically a second mortgage loan (a loan secured by a subordinate lien to the first first mortgage)("first," "second," "third," etc. refers to the priority of the lien). Home equity loan is a euphemism for second mortgage loan because banks usually have big marketing departments who can't bring themselves to utter the word mortgage.
Refinance has come to mean, mostly, paying off one first mortgage loan with another.
Home equity line of credit is yet another type of (usually) second mortgage. However, if there is not already a mortgage against the property, then the HELOC's mortgage would be the first mortgage.