Money

All the expected and unexpected fees we incurred during the home buying process and the exact amounts we paid for each.

A second mortgage is an additional home loan you take out while the original mortgage is still in place that lets you access the equity you have built up in your home and use it for other projects or financial purposes such as debt consolidation.

The major difference between the two is whether the mortgage allows you to pay it off or renegotiate it before the term is over. Here’s how they work, the pros and cons of each, and when you might want one instead of the other.

Buying a house is one of the biggest investments you’ll probably ever make and one of the main things you’ll have to decide is if you want a fixed-rate or variable-rate mortgage.