Loans with a 20-year or 15-year note can allow you to save thousands of dollars on mortgage rate payments. However, this also means that your mortgage rate payments every month will also be a lot higher. To avoid this, an adjustable mortgage rate may help you get started on a lower mortgage rate, but if interest rates grow, your monthly mortgage payments will rise also. There are countless other reasons why people go for mortgage refinancing when buying a new home. However, it should be noted that not everyone benefits from mortgage refinancing. For homeowners with second mortgages, mortgage refinancing may backfire. The same goes for those people with a lot of debt or those having trouble paying bills on time. With a reverse mortgage, you can also opt to receive a regular monthly cash advance. In addition, a reverse mortgage can offer you cash as a "creditline" account. This creditline account from a reverse mortgage will let you get the amount of money you want whenever the need arises. And if none of these methods suits you, reverse mortgage cash may be given to you using any combination of the abovementioned methods. If you pay a second mortgage loan that has a shorter term, the monthly payments may be too high. Payment Calculations for Second Mortgage Loans Before taking on second mortgage loan, be sure that you understand a couple of things first. Know how much your monthly payments will be for that second mortgage loan. Below are some questions you need to consider: - Is there a possibility that my income will rise up enough to cover higher adjustable-rate mortgage payments should interest rates go up? - Is there a chance that I might take on other sizable debts like a loan for a car or school tuition in the near future? Speaking of lenders, which lending companies are offering bad credit mortgage loans among their list of loan programs? Several bad credit mortgage loans are being offered by some alternative loan companies. When you choose one company, make sure that you know what is required of you when you ask for a bad credit mortgage loan.