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They can be the same thing. With a traditional home equity loan, or second mortgage, you receive a lump sum of money that pays off your existing mortgage and leaves some money left over for something else. Interest begins accruing immediately.
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They can be the same thing. With a traditional home equity loan, or second mortgage, you receive a lump sum of money that pays off your existing mortgage and leaves some money left over for something else. Interest begins accruing immediately. This is sometimes called "refinancing.
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creditfairy.org
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Is a home equity loan the same thing as a second mortgage?
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