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Only a moron would.
With interest rates on primary mortgages being the lowest in almost 50 years (fixed 5% or less)it makes absolutely NO sense to try to secure an 'equity' loan or 'second mortgage' for 7-8-9 or even 10% or more...PLUS origination fees...
No sense whatsoever.
Your first line of offense should be to try to completely refinance your current mortgage.
That in itself might even create you some cash back as well as a great reduction in monthly payments under current conditions.
Anyone telling you otherwise hasn't a clue, Kimo Sabbe....