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Refinancing and Second Mortgage Options – How to Make the Right Choice
from:Refinancing your first mortgage and second mortgage options are two ways to get more money in your pocket. They are each distinct in their benefits, though. With refinancing you will end up with a lower monthly payment and pay less overall on your home loan. With a second mortgage you will be able to get a large sum of money right now to take care of your financial needs.
Both options – refinancing and second mortgage – can work for you. You just need to understand how they work so you can choose the one that is the best solution for your situation.
What Happens During Refinance?
Most of the time a homeowner chooses to refinance because the interest rates have fallen lower than what their current rate is at. This allows the homeowner to lock in at that lower rate. You basically are just getting your loan transferred to a new loan package with the lower rate. It is usually pretty straightforward and involves no major decisions. Your focus is really on the rate because nothing else will change.
Refinancing can be a good choice for you if you are finding monthly bills are making for a tight budget. You will be able to free up some money each month to make things easier. However, if you need more than some extra money each month to help you out, then a second mortgage may be a better idea.
The Second Mortgage Option
With a second mortgage you are actually getting a whole new additional mortgage on your home. You will have to find a lender and go through the same process that you went through when you got your first mortgage. There are closing costs and choices to be made about terms.
A second mortgage will work for you if you need a large amount of money. However, you must remember that you will have that additional mortgage payment each month.
Making the Choice
Your personal situation will really dictate your choice between refinancing and second mortgage. You should consider all the aspects of both options. It is important that no matter what choice you make that you understand all the details of the transaction completely.
Always read through the paperwork and ask questions about anything you do not understand. Also be sure that you figure your budget with the option you chose. This way you can prevent any problems with being able to afford your new mortgage situation. Refinancing and second mortgage options can really help you make your financial situation better. You just need to make the right choices and be educated.
Mortgage Refinancing Second Specific links
Mortgage Refinancing Second News
Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance - MarketWatch (press release)
 International Business Times | Realtors(R) Offer Support for Bill to Help Responsible Homeowners Refinance MarketWatch (press release) WASHINGTON, DC, May 24, 2012 (MARKETWIRE via COMTEX) -- A proposed bill to streamline and align the refinance processes of Fannie Mae and Freddie Mac may soon make it easier for homeowners who are current on their mortgage payments but who have been ... Are Record-Low Mortgage Rates Hurting The US Housing Market? Mortgage rates hit 4th straight record low US 30-year mortgage rate falls to record 3.78 pct. |
Mortgage applications up on refi demand: MBA - Reuters
 Mortgage Rates & Trends (blog) | Mortgage applications up on refi demand: MBA Reuters The MBA's seasonally adjusted index of refinancing applications gained 5.6 percent, but the gauge of loan requests for home purchases fell for the second week in a row and was down 3.0 percent. Mortgage rates fell as further uncertainty around the ... Refinance Applications Increase in U.S. for Third Consecutive Week, Driven by ... Mortgage comparison-shopping: How to read good faith estimate Low rates push demand for new homes |
Don't HARP on it, refinance program too good to pass up - Cleveland Jewish News
 The Mortgage Reports | Don't HARP on it, refinance program too good to pass up Cleveland Jewish News This means that a hypothetical borrower with a home value of $250000, owing $300000 on a first mortgage and $50000 on a second mortgage, can refinance their first mortgage to today's historic low interest rates. What's the catch? Mortgage Origination Forecast Increased by Nearly $200 Billion by TSA Real estate industry pushes Senate on refi bill How many times must I buy the same house? |
Real estate industry pushes Senate on refi bill - MarketWatch
Real estate industry pushes Senate on refi bill MarketWatch Appearing before the Senate Banking Committee, Mark Zandi, chief economist and cofounder of Moody's Analytics, said lawmakers must act quickly because “mortgage rates are very low, and this is such a good time to refinance. |
Record-low mortgage rates spur refinancing - The Hill (blog)
 Eastern Morning Herald | Record-low mortgage rates spur refinancing The Hill (blog) By Vicki Needham - 05/23/12 09:48 AM ET Record-low mortgage rates spurred the third straight increase in refinance applications last week as the housing finance market starts to rebound. Overall, mortgage applications increased 3.8 percent for the week ... Mortgage Rates Today: Wells Fargo, Citibank and KeyBank Refinance Rates for ... MBA Weekly Survey: Refinance Applications Increase Because of Record Low ... |