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.

You lender will be able to offeri some insight into this situation based on your debti to income ratio and the amount you're looking to get.