Consolidating first and second arm mortgages

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A second mortgage is quite simply a loan taken after the first mortgage.

With the advantages of today’s competitive mortgage rates, you can eliminate the higher rate you may be paying on a second mortgage, by refinancing into one first lien mortgage.

You may choose to take out a second mortgage in order to cover a part of buying your home or refinance to cash out some of the equity of your home.

It is important to understand the differences between a mortgage and a home equity loan before you decide which loan you should use.

The shorter the term of the loan, the higher the monthly payment will be.

It is always a good idea to talk about the terms of repayment with the lending mortgage company to select the loan that will best suit the needs of the homeowner.

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