Category Archives: Second Mortgage

Getting A Second Mortgage Refinance: How Difficult Is It?

We have all heard about a mortgage refinance, but what is a second mortgage refinance? Is it possible to take out a second mortgage on your home and refinance it? Often homeowners take out a mortgage after making many plans. Their plans do not work out, and there is often a need for more funds. Alternatively, there could be a debt crisis. Here a second mortgage can be of great help. The first one is repaid, and a second mortgage replaces it.

The amount of equity you hold in the first mortgage decides your second mortgage. There could be any number of reasons for taking out a second mortgage tuitions, holiday expenses, starting a home based business. Some second mortgages are also a method of debt consolidation.

Types Of Second Mortgage

There are three types of second mortgages to choose: home equity loan, line of credit and a second mortgage. A line of credit is curtailed based on the value of the first and second loan. You can withdraw this money whenever you wish to. In addition, this credit can be repaid within a fixed time, but does not need regular monthly payment.

Interest Rate

The interest rates on second mortgages tend to be higher than a first mortgage. This is the reason why careful financial planning is required. Then again, if interest on the first mortgage was high, and the mortgage rates start coming down, switching to a second mortgage is a good idea. The idea is to replace the high interest first mortgage with a lower interest second mortgage.

Poor Credit

What happens if your credit record is poor? You may have defaulted on the payment of the first mortgage. In this case, you will find it difficult to get lenders for the second mortgage. You can approach a loan broker for help. A loan broker will be able to find a lender who can give you second mortgage refinance at the rate you need. It is a good idea to approach more than one lender, so that you can compare quotes. Go for the loan scheme that has the least interest rate.

A second mortgage refinance is very useful when you need funds or have debts to clear. It also helps you save tax. Some second mortgages can help you save more than the first mortgage. For all these reasons, second mortgage refinance has become popular with homeowners in the US.

Second mortgage refinance has a number of benefits. It helps you save tax. It is a good way to raise money for unplanned expenses. By clicking on mortgage refinance loan , you can get information on bad credit second mortgage refinance .

More Second Mortgage Articles

Home Equity Loan or Second Mortgage: How does it work? Part 1 ( Video Blog for Home Owners)

Make you home to work for you in times of need. Which one has better rates Home equity loans or second mortgage?
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Second Mortgages & When You Need To Get One

Second Mortgages & When You Need To Get One

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Getting a second mortgage can sometimes help relieve some pressure from homeowners when they are strapped for money every month, or the bills start to add up. Ewa Zaba of Centum Way2Save discusses second mortgages, how to get a second mortgage, and how it can help homeowners who may need a second mortgage on Real Estate 101 with Realtor Joe Terceira.

If you need more information on second mortgages, or need mortgage financing, or pre-approval, contact Ewa Zaba below:
Ewa Zaba / Centum Way2Save Inc.
http://www.ewazaba.ca

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Second Mortgages & When You Need To Get One