Sometimes we might get confused between a home equity loan and a second mortgage.  Are they one and the same or are they two different loans?  Well for the most part they are basically the same kind of loan.  With bull kinds of loans, you can still receive cash out from your home’s and equity.  With both types of loans, you usually end up being some sort of an application fee, and each one has different lengths of term options.  One of the main differences is a second mortgage can be used as part of the down payment during the purchase of your home.Normally you would use either one to receive better rates or a more favorable financing terms at anytime.  As you would consider mortgage refinancing in Connecticut, you will find your situation will be unique.  As to whether you would do a second mortgage or apply for a home equity loan, most any top-notch lender will be able to analyze your situation and help you decide which type of loan to go with.