2nd mortgage

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Tiffany Mellory

• May 02, 2022 00:47

Hello Nerds! I built my first house on my own with my three small children back in 2015. Its not very big and we are outgrowing it. Over the past 7 years I have grown in my career and make a bit more money now. Would it be smart to take out a second mortgage to add on to my home? How does this work if I still have $67,000 left on the home. Thank you for your help.

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• Official comment

  

  Cori

  • May 02, 2022 14:15

  Hi Tiffany,

  Congrats on building your own home - that's no small feat! :)

  There are a number of ways consumers can leverage home equity and pros and cons associated with each. 

  This resource is a good place to start:
  Home improvement loan options

  
  You can learn more about second mortgages here. You can also use this tool to compare rates. 

  One more option is to have your question answered on the NerdWallet SmartMoney podcast. Call or text 901-730-6373 or email podcast@nerdwallet.com to submit your question.

  Best of luck on the expansion and keep us posted!

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