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Second Mortgage
Getting a second mortgage is just like getting your first mortgage because you have to go through the same process. The bank will take a look at how much you can borrow first and then make sure your credit score is fine.
You should use a mortgage calculator before you even talk to the bank because a second mortgage is much smaller than your first. It's actually just a piece of your first mortgage.
So you should figure out how much you need to get and then make sure that amount of equity is available in your home. Banks are only allowing 80% equity loans right now because the economy is so bad. So if your home is worth $100,000 and you still owe $50,000 then you have $30,000 available to you from most banks.
Then you should check the current interest rates and use an interest calculator to get a mortgage payment. Home equity loans are usually over about 15-20 years so you should use 15 years on the calculator.
Once you have the mortgage payment and you think you can afford it then you should talk to the bank about what you want to do.
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