It's not always easy to pay off a second mortgage, but the freedom from that added debt and interest expense can be well worth the effort.
"People get used to certain cash flows, certain dollar amounts that come in and get spent," Rogoszinski says. "It takes a lot of discipline and will to write that extra $400 toward your home equity loan, instead of something else. The more you can focus on it and try to make that happen, the better off you are."
That's especially true if your second loan has a variable rate, Rogoszinski says. Rates are low today, but if they rise in the future, you could face a painful payment hike and might not be in a position to refinance that debt.