is taking out a second mortgage a good idea 
taking out a second mortgage could be a good idea if you ve researched borrowing options and you understand what you can afford to repay if however your income is unstable or you lack sufficient emergency savings to cover mortgage payments if you lose your job or become ill and can t work then you may want to reconsider a second mortgage loan the bottom linefirst mortgage loans make it possible for homebuyers to purchase homes and they take priority over any subsequent second mortgages that may be associated with the property when applying for a first mortgage it s important to understand the requirements to buy a house and what lenders are seeking it s also helpful to shop around to compare mortgage rates in order to find the best possible deal on a home loan 