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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 each
loan's features and pick the one that best meets your needs.
Refinancing Your Mortgage
Traditional refinancing is basically replacing one mortgage
loan with another. Typically, refinancing lowers mortgage
payments through lower interest rates or longer loan terms. You
can also cash out part or all of your home's equity while
refinancing.
Refinancing requires paying closing fees. To recoup these
costs, you usually need to stay in the house for a couple of
years. However, you will save money with better terms than if you
choose a second mortgage.
Second Mortgage Option
Second mortgages, also known as home equity loan, have
slightly higher rates than mortgages, but you have less or no
closing costs. Second mortgages also only charge interest on the
amount you borrow, not the total amount you are approved for. You
can take out your equity over the course of several months or
years. Terms vary widely between second mortgage lenders, so
watch out for balloon payments or repayment fees.
If you want tap into your equity to make some home
improvements but plan to sell soon, then a second mortgage would
be better than refinancing your mortgage. Second mortgages also
are a better choice when your current mortgage interest rate is
lower than those being offered by refinancing lenders.
Factors To Consider
When deciding which financing option to choose, consider the
purpose of the loan. If you want to reduce monthly payments, then
refinance. If you simply want to tap into your home's equity,
then apply for a second mortgage.
Also, consider how long you want to stay in your house. You
can lose money refinancing your mortgage if you don't stay in
your home. However, if you sell your home or refinance, you will
have to pay off your second mortgage.
Remember, only you know which loan best fits your financial
needs.
To view our recommended sources for refinance mortgage loans
online, visit this page: Recommended Refi
Mortgage Lenders Online.
Carrie Reeder is the owner ABC Loan Guide, an
informational website about various types of loans.
 MORE RESOURCES updated Thu. February / 09 / 2012
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New HARP Could Help Up to 6.7 MillionNASDAQOther changes to the program were designed to make it easier for homeowners with private mortgage insurance (PMI) to refinance or to obtain a HARP mortgage refinance with a lender other than their current mortgage servicer. In addition, new limits were ...and more » |
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