The 2nd Annual 2006 Second Mortgage Awards was held last night in America's finest city, San Diego California. It was a great night for mortgage loan insiders to see how their second mortgage products were performing. Brendon Daly, a key note speaker for the evening said, "It’s a night when the second mortgage finally gets to stand at center stage, un-shadowed and clearly not worried about what the big brother first mortgage thinks."

The event's announcer walked on to stage, and grabbed the microphone, like he was in the middle of a boxing arena at Cesar's Palace in Las Vegas. "Good evening Ladies and Gentlemen. Welcome to the 2nd Annual Second Mortgage Awards." He then shouted, "In this corner we have the "Variable Rate Home Equity Line of Credit" The announcer continued, "In this corner we have the Home Equity Loan with a Fixed Rate." The crowd began to roar. Almost simultaneously, everyone rose and began applauding the loan stars.

2006 Second Mortgage Award Results Below:

1. Affordability Award- Winner: Home Equity Line of Credit

Reason: Even if the rates are higher today, the Interest only feature keeps the payment low. Minimum payments allow one to preserve cash flow because the only thing due is the interest on the money you have accessed.

2. Pragmatic Award- Winner: Home Equity Loan

Reason: Each month you are making a dent in the principal. The fixed rate payments are great for budgeting and repayment of long term debt.

3. Flexibility Award- Winner: Home Equity Line of Credit

Reason: Money is awaiting for you with the line of credit, and you only pay interest on the money you access. Investors love home equity lines, because they finance opportunities when they arise.

4. 2006 Best Loan Award- Winner: Home Equity Loan

Reason: The conservative fixed rate second mortgage that people were turning away from the last few years, are back in style. Today the home equity loans can boast about rates that are over 1% lower than their cousin the equity line of credit. Unlike the line of credit, the home equity loans offer fixed rates, with fixed terms.

Barry Donavan is an experienced writer who focuses on home finance and consumer credit. You can read more of his mortgage finance articles at http://www.bdnationwidemortgage.com and get more information about home equity loans and mortgage refinancing.

For a complete look at home equity loans please go to http://www.bdnationwidemortgage.com/home_equity_loan_refinancing.html