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    Interest rate
    The interest rate on a second mortgage is slightly higher than on a first mortgage because it is in a

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    Bad credit second mortgages make up a sizable part of the mortgage market. According to a recent survey by the Mortgage Bankers Association, the number of second mortgage originations increased by 13 percent in the second half of 2005 and closed-end second mortgages increased by 33 percent. The survey included 114 lenders that originated $189 billion in second mortgages, many of them to people with bad credit.

    There are at least five numbers that determine the ultimate cost of a bad credit second mortgage: interest rate, years on the job, credit score, closing costs and term length.

    Interest rate
    The interest rate on a second mortgage is slightly higher than on a first mortgage because it is in a

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    umber of second mortgage originations increased by 13 percent in the second half of 2005 and closed-end second mortgages increased by 33 percent. The survey included 114 lenders that originated $189 billion in second mortgages, many of them to people with bad credit.

    There are at least five numbers that determine the ultimate cost of a bad credit second mortgage: interest rate, years on the job, credit score, closing costs and term length.

    Interest rate
    The interest rate on a second mortgage is slightly higher than on a first mortgage because it is in a

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    The survey included 114 lenders that originated $189 billion in second mortgages, many of them to people with bad credit.

    There are at least five numbers that determine the ultimate cost of a bad credit second mortgage: interest rate, years on the job, credit score, closing costs and term length.

    Interest rate
    The interest rate on a second mortgage is slightly higher than on a first mortgage because it is in a

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    five numbers that determine the ultimate cost of a bad credit second mortgage: interest rate, years on the job, credit score, closing costs and term length.

    Interest rate
    The interest rate on a second mortgage is slightly higher than on a first mortgage because it is in a

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    erm length.

    Interest rate
    The interest rate on a second mortgage is slightly higher than on a first mortgage because it is in a subordinate position. If the borrower defaults and the home goes into foreclosure, the second mortgage is settled after the first, so the lender is taking a greater risk.

    The interest rate on a bad credit second mortgage will be higher still, so says Steven Frank, Senior VP at FlexPoint Funding, one of the nation’s largest subprime mortgage bankers. “A bad credit borrower is someone with a FICO score below 62. He or she will pay between 1.5% and 2% higher interest for a second mortgage, but there is no shortage of money or willing lenders in the bad credit mortgage market

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