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Choices to Weight – Refinance or Second Mortgage
from:When you need extra money and you own your home you have two options – refinance or second mortgage. Choosing between the two options is really not that difficult if you understand both options, your situation and your needs. You can get into trouble if you jump into a refinance or second mortgage without considering all the factors. Being a smart consumer will allow you to get the extra money you need without risking your financial future.
Reasons to Choose a Second Mortgage
If you are looking into refinance or second mortgage then you need to know what would make each a better choice. The reasons to choose a second mortgage include:
- You can easily afford the monthly payment.
- You have the money for closing and associated costs.
- You need a large sum of money right now.
- You are in good standing with your first mortgage.
- You have significant equity in your home.
Reasons to Choose Refinance
When you refinance you simply get a new interest rate on your existing mortgage. Refinancing will help you to save money every month on your payments and save money overall on what you are paying in interest. The reasons to choose refinance include:
- You need to lower your monthly bills.
- The interest rates are low.
- You want to save money in the long term.
- You do not need a large amount of money right now.
Considerations to Make
You should know that refinance or second mortgage options are not going to just come easily. You have to qualify for either option. If you have bad credit or are behind in your mortgage payments then you may not qualify for either option.
You need to understand your current finances and know what you can afford, as well. A second mortgage means a second monthly payment. Additionally, it means more risk because if you default on it then your home is still at risk of being seized for payment.
Makes sure that you understand both options and that you think through what is best for you and your situation. Do not jump into anything until you have all the details and shop smart.
Weighing the decision between refinance or second mortgage should be something you do carefully. You need to make sure that you look at each option and make the best choice. You want to keep your home and family safe. You need to make the best choice because your financial future and the future of your family weigh upon your decision.
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Second Mortgage News
State clarifies state of tax credit loan plan - Seattle Post Intelligencer
State clarifies state of tax credit loan plan Seattle Post Intelligencer Upon receipt, the home buyer can use the funds to pay off their second mortgage, use it for other purchases, or place the funds into savings. ... |
Another wave of foreclosures is poised to strike - Los Angeles Times
 Los Angeles Times | Another wave of foreclosures is poised to strike Los Angeles Times Mortgage defaults have surged to record levels amid rising unemployment and falling home prices. Lenders are expected to move quickly to clear up backlogs ... New Evidence on the Foreclosure Crisis |
Benny L. Kass Mailbag - Richmond Times Dispatch
Benny L. Kass Mailbag Richmond Times Dispatch After about 22 months of paying on the second mortgage, payment stopped. I tried to contact the buyer but found he had moved. Later, I found out that the ... |
Refinance At 125% of Market Value - Seeking Alpha
 HispanicBusiness.com | Refinance At 125% of Market Value Seeking Alpha If the $25000 second loan is a second mortgage with no recourse, he loses nothing except some points from his credit score. Case Study 2. ... Feds to refinance mortgages up to 125 percent of value Obama widens mortgage refi program A program initiated by Obama Administration |
Idaho trendy T-shirt vendor PalmerCash moves into storefront retail - IdahoStatesman.com
Idaho trendy T-shirt vendor PalmerCash moves into storefront retail IdahoStatesman.com Owner Ben Hart founded the company in 2002 in his house with money from a second mortgage and credit cards. “It seemed like everyone was wearing ... |