Some second mortgageii loans may extend for as long as 15 or 20 years; others may require repayment in one year. You will need to discuss the repayment terms with the individual mortgage company and select one that offers terms that best suit your needs. For example, if you need to borrow $20,000 to make repairs on your home, you may not want a loan that requires you to repay the entire amount in one or two years because the monthly payments may be too high. On the other hand, if you're only needing $5,000 to add that in ground pool, you may not see the sense in dragging the payments out more than 24 or 36 months.

If you need to borrow money, home equityi lines may be one useful source of crediti. Initially at least, they may provide you with large amounts of cash at relatively low interesti rates and they may provide you with certain tax advantages unavailable with other kinds of loans. (Check with your tax advisor for details.)