Ask the lender for copies of any papers that are to be signed beforehand. This will give you time to will be able to look them over and get a clear understanding of the obligations. Lenders are typically more than willing to provide paperwork as they are aware you may need to consult an attorney.
Second mortgage loans may seem like a good, quick way to get your hands on some extra cash to pay for bills or your child's college tuition, but be very careful with them. Even if you're not having any problems paying the first mortgage, an unexpected illness or job loss can plunge you deep into debt very quickly.
