[header] How to get a second mortgage on your home [title] Understand the risk of a second mortgage. [step] A second mortgage adds to your monthly bills. It comes at a high interest rate because it is a risky investment for lenders, since they would be paid off after the primary mortgage company in the event of foreclosure. 
Seriously consider if you want your house to serve as collateral for this kind of loan. [substeps] Using a second mortgage to pay off a high-interest loan may help you lower the interest you're paying in the short term.