Picking the parts of the package

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*What’s the difference between a temporary buydown and a permanent buydown?
*Does the government sell FHA mortgages?
*How do I make Interest Only work for me?

Is a Closed-End Second Mortgage for me?

In a closed-end second mortgage the interest rate is typically higher than a first mortgage loan rate. Borrowers typically use second mortgages to make improvements to their home, like adding a swimming pool, or to pay off higher interest rate unsecured credit card debts, high-interest loans, or private loans. A second mortgage can assist with debt consolidation by combining all high-interest debts into one lower monthly payment but remember that the repayment term will be longer than the term on the unsecured debt. A second mortgage (also referred to as a home equity loan) differs from a home-equity line of credit.