 TITLE: What Is a Second Mortgage? CONTENT: How Do You Qualify for a Second Mortgage?\n-----------------------------------------\nTypically, to qualify for a second mortgage, you'll need around 20% equity in your home. The lender will arrange an appraisal, which you'll have to pay for, to determine the market value of the home.\nThe thoroughness of the required appraisal will vary by lender. A full appraisal, entailing a walk-through of the home, could cost $500 or more. But a growing number of lenders allow much cheaper exterior-only appraisals. Some lenders even allow \"desktop appraisals\" that use local housing data to calculate market value that may cost under $100 or even be provided free to applicants. END