http://www.aboutsecondmortgages.com/mortgages/home-equity-mortgages.html Home equity mortgages are really what you are looking for. en-us Sat, 26 Jul 2008 15:00:00 EDT Sat, 26 Jul 2008 15:00:00 EDT Weblog Editor 2.0 You can't take out a second mortgage until you have equity enough to borrow against, so when you look for second mortgages bee sure you look for home equity mortgages at the same time. Because they are in effect the exact same thing - loans you take out against your home equity. Home equity mortgages are a major perk for today's home buyer, and a major selling point for people lucky enough to own a home in the most rapidly developing locations in the country. So much to gain from home equity mortgages Your success and abilities have no limit when home equity mortgages are on the table: You can use that money to fix up your home and further increase its resale value. Home equity mortgages can also be used for outside investments that might prove extremely lucrative. Why pay 20% for your personal credit debts when you can borrow off equity and pay off everything at less than 10% and with lower overall monthly costs? From debt consolidation to business investments, home equity mortgages can and will do whatever you tell them. All you need to do is get your hands on that equity - a feat that will prove harder for some than others. Having their way with home equity The average home appreciation rate in the country is a little over 14% - thats pretty high, a little higher than the interest you are paying for your home mortgages. On average, people are actually earning money just by living and owning their very own home, and in some regions of the country this income can be incredibly high: Take California. The average home price in most California cities is somewhere around $500,000, and the average rate of home value increase is a little over 30%. Every yea, the average California home increases by $150,000 - and thats all made available to the owner to access through sales of home equity mortgages. In Texas, the average home price is more like $150,000 and the average appreciation a little more than 3%. Thats $4500 a year, and when you think about it thats not that much cash. Home equity mortgages take on a whole different meaning for people who don't gain a lot of equity to begin with, and the decision a Texas homeowner needs to make will carry different results from that of a California burgher. Every home owner today will have access to home equity mortgages - unless their home isn't appreciating at all or they have some crazy form of interest only loan. But there is a big difference between the amounts of equity a home owner strands to make, and these differences must be taken into account for the specific person. Sat, 26 Jul 2008 15:00:00 EDT