1st 2nd Mortgage - Refinance or Second Mortgage? Combining 1st & 2nd Mortgages Together

I had my last conversation with one of my client, Mr. Jackson, the financially sophisticated, 1st 2nd Mortgage, homeowners from Virginia Beach, Virginia. She asked an interesting question, which, 1st 2nd Mortgage, I share with you because it seems common dilemma for many homeowners, 1st 2nd Mortgage, states.What best decision to refinance my first and second mortgages? Mr. Jackson has a "6% 1 I have developed a mortgage with a balance of $ 255,000, and a second mortgage at 14% with a balance of $ 52,500.



We have a second mortgage to pay 125% up to a certain credit card, 1st 2nd Mortgage, . If I add credit, we have exceeded our real estate equity as the property is the value of $ 280,000. We are satisfied with the 1st rate mortgage, but we want to reduce the rate for second mortgages. years have passed since we 2 credits in 2002 was, and it is important to appreciate our home has risen to $ 325,000. "He continued:" I was the second of a refinancing and try to get a lower rate, or should I refinance 1 .



and 2 leaders, 1st 2nd Mortgage, together for a mortgage payment? Wow, what a good question. I enjoyed my clients increase their credit card debt with a fixed interest rate. He was very happy with your monthly savings of up to 125% of the loan, as they would Assets exceeded, does not believe that the refinancing of loans, while the hood has increased substantially in the vicinity, 1st 2nd Mortgage, of the cost of housing. Now that his house has its value is increased, the combined loan value of less than 100%.



parameters of the refinancing was significantly higher with the increase in home equity appreciation.I asked Mr. Jackson some questions that I could help him, the best solution. What is your credit card? Do you know your credit score? Is there a prepayment Sanctions against the second mortgage? your first mortgage with a fixed interest rate? Jackson quickly clarified: 689 Rating No credit prepayment penalties in the amount after 3 years and 1 guide to 6% with a 30 years fixed rate.Combining first and second mortgage loans through a loan can be complicated, but in times of financial terms, but also be practical.



When Jackson was the best option to leave in peace but his first mortgage to 125% of equity, refinance loans with 95 to 100% second mortgage to reduce monthly payments. So Mr. Jackson was approved for a loan at a fixed rate 2nd I asked for a home equity line of credit, but I reminded him that have adjustable rates that have risen sharply in recent years. Since I have a long-term repayment of loans a bond with a fixed interest rate of simple interest was the only way. I am excited by Mr. Jackson, because we managed to get it approved for a loan without a prepayment penalty in the amount, and we were able to reduce the cost of closure, because his score.



Depending Credit Program Home Equity, 2 guides can cost several thousand dollars in closing costs. Most include costs subject to the tax and the minimum bet will pay off in the long run. For example, a 15-year period, you must moves the cost of a second mortgage for several years, so if you get 1% or more, some pay more closing costs, which is better than a loan with no points would go home. lending reality is that it does not make sense any collect a fee, mortgage 2 credit scores above 700, and a total value of the loan will probably be less than 90%.



If you can a second mortgage with no penalty for getting an early return, we find that the function of your loan, because if the value of your home continues to increase, then one or two years, you may be ready to refinance, because you return to the golden 80% of the loan combination. 1 If mortgage rates fall again to connect, then in an ideal position can be around, Finally, both loans together. If the 1-st-rate mortgage fell to 6% of the area and is still intend to live in your house for many years to come, and then make a transition to refinance.



It works on everything what prices do when the time comes.Lynda Nelms wrote a popular column called "Ask Linda" where he offers advice for consumers at home, from the perspective of an experienced loan. He wrote some popular articles from 2004 and 2005 for http:/ / www.MortgageLoanOutlet.com and then continue on its recommendations to finance other pre-sources.Currently relation Linda credit for BD Nationwide Mortgage, based in San Diego, California. You can read more "Ask Linda Notes?" article on the