How to choose between a second mortgage vs. refinance

If you have a significant goal, like paying off credit card debt or renovating your kitchen, you may be interested in tapping into your home equity to help you afford it. You can access your home equity — what your property is worth minus what you still owe on it — in several ways, including taking out a second mortgage or refinancing your existing mortgage loan. What is a second mortgage? A second mortgage is exactly how it sounds. You take out another home loan on your residence — in addition to your ...