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There are some definite benefits to doing a cash out 2nd mortgage. Just make sure that overall you are not going to be spending to much money in fees and interest doing a cash out 2nd mortgage. Shop around with a few different lenders and 2nd mortgage brokers get an estimated 2nd mortgage closing statement and compare the total costs.

2nd mortgage loans are better if:

1. You have a large home loan yet only need to cash out of a small amount of equity.

2. You need to borrow up to 100% of the equity in your home sometimes even more depending on the 2nd mortgage program.

3. You want a revolving credit line (home equity 2nd mortgage offers this).

4. You want a payoff sooner, or longer than the term of the rest of your mortgage loan.

The best way to tell is to actually sit down and do the math. These are just guidelines; the real test is in the math. You can consult a refinance calculator and a 2nd mortgage loan calculator and figure out which one will save you the most money in the long run. Compare the total amounts you will spend in interest and fees. If you are planning on a cash out refinance, make sure that you are refinancing with a low enough rate to justify the fees to refinance. Your loan specialist should be able to help you figure out which one is best for your needs.