Second Mortgage Loan A second mortgage loan is a subsequent loan and subordinate to the earlier mortgage. In other words, a second mortgage loan is used as collateral pledged for the first loan. Length of Second Mortgage Loans Second mortgage loans have varying lengths with which they are eventually paid off. But at the end of that period, the adjustable-rate mortgage payment will vary once more. Determining whether or not an adjustable-rate mortgage payment is the right type of loan for you usually depends on your financial situation. Also, it depends on the type of adjustable-rate mortgage payment you plan to make. However, if you expect to keep your house for a bit longer, then it is advisable if you look into the market for fixed rate home mortgage rates. Adjustable rate home mortgage rates only work if you stick with it for a short while. Home Equity Loans The home mortgage rates for home equity loans follow the prime rate. As an added bonus, consumers who buy their variable rate mortgages from ING Direct have the option to convert their variable rate mortgage into a fixed rate mortgage of 3 years or more. This conversion from a variable rate mortgage to fixed rate can be done any time without penalties. Every 3 months, ING Direct variable rate mortgage interest rate will be adjusted to reflect their prime rate. Lower monthly payments on 30-year fixed rate mortgages give consumers an extra resource which they can pour into other worthy investments. On the other hand, this could also cause a slight disadvantage for 30-year fixed rate mortgage borrowers. The overall interest bill of a 30-year fixed rate mortgage is much higher because of the long amortization period. With interest-only mortgage rates, there is no limit to the amount of cash you can take. Interest-only mortgage rates were created for the wealthy and savvy investor types. Some lenders though put certain restrictions on the amount of cash out an interest-only mortgage rate borrower can take. But even then, interest-only mortgage rate programs are made available to borrowers who want to avoid incurring penalties when taking large equity sums.