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Bridging the Mortgage Gap with a Bridge loan
It's a common problem - money gets tight, outgoings seem to be on a relentless upward trend, but income, if anything, appears to be standing still or even falling. This can be a particular problem when you are moving house, because suddenly you have...
Honey, I Eliminated The Mortgage Interest Deduction - Plan 2
A bipartisan committee has made two recommendations to President Bush regarding tax reform. In this article, we take a look at the second option.
Tax Reform
A year ago or so, President Bush decided to spend his political capitol on tax reform...
Refinancing Your House - How To Know Whether To Refinance Or Get A Second Mortgage
Refinancing your house’s mortgage is not the same thing as getting a second mortgage. While both allow you to cash out your home’s equity, terms and rates differ between the two types of loans. To know which financing option is best for you, learn...
Sub-Prime Mortgage Loans - Five Ways To Lower Your Rates On A Sub-Prime Mortgage
Sub-prime mortgages don't mean you have to pay excessively high
interest rates to buy a home. By taking time to do some research
and pick the right terms, you can save thousands on your
mortgage. The following five tips will help you get low...
WEALTH CREATION AND MORTGAGE PLANNING
by Jeff Blovits , Franklin Bank SSB p. 898-5656 copyright, Franklin Bank 2004 for more click here What if I were to tell you that almost everything you have been told about what to do with your home has been absolutely wrong and that one of the...
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1st And 2nd Mortgage Refinance Loan
Refinancing a first and second mortgage requires some extra
considerations. Depending on your equity, you may find that
combining the two mortgages results in a higher interest rate.
You may also find that you have to carry PMI with the refinanced
mortgage.
Will Refinancing Benefit You?
Refinancing two mortgages allows you to consolidate your loans
into one payment, often lowering your monthly bill. You may also
find lower rates under the right circumstances.
Those with a large amount of equity benefit most from
consolidating loans since they qualify for the lowest rates. It
is important to look at interest savings, not just monthly
numbers which can be misleading.
However, if you have less than 25% equity, you may end up
qualifying for higher rates. With less than 20% equity, you will
also have to pay for private mortgage insurance. Even with these
factors, you may still find that you will save money by
refinancing.
Have You Done Your Research?
To see if refinancing makes sense for you, research mortgage
lenders. You can quickly go online and request quotes and terms.
Look at the different offers, and work out the numbers. An
online mortgage
calculator can help you figure out monthly
payments and interest costs.
An easy way to compare cost is to first add up your interest
payments for both mortgages. Use this number to compare interest
payments with each potential mortgage.
You also need to factor in the cost of refinancing. Just like
with your original mortgage, you will have to pay fees and
points. You want to be sure that you can recoup these costs with
your interest savings.
Why Do You Want To Refinance Both Mortgages?
While refinancing both mortgages is convenient, you may decide
to refinance only one or both separately. With your main
mortgage, you can expect to get low rates.
A second mortgage will usually qualify for higher rates, but you
can lock them in. You may also choose to convert from a line of
credit to an actual mortgage. Again, you will want to
investigate financial packages before signing up with a lender.
About the author:
View our recommended mortgage Refi
lenders. Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
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