refinance second mortgage

Guest

I am having a high rate of interest on my second mortgage beyond my affordability? I want to lower my payments. Should I go for a refinance?

Guest

You can save money if you refinance second mortgage under this condition. There are lenders offering refinance on the second loan and if you have a good credit score, you can easily get it with an affordable rate. So, you can go for it to lower your rates.

Samantha · Posted: Sat Jan 07, 2006 10:31 am Post subject:

Hi Owen,

Welcome to MortgageFit Forums.

Second mortgages do have a higher interest rate than a first mortgage as more risk is involved with it. It is always not possible to get best rates and terms for a second mortgage.

You have not mentioned your credit score. If it is poor, then it is more likely to have a higher rate on the second mortgage. Refinancing your second mortgage can help to come out of this trouble.

You can a better interest rate with the second mortgage, which will help you to save money. If you have any other high interest rate debts, you can pay them off too with the help of refinancing.

But a good credit score is important to have a favorable rate on the refinance. If that is not a problem with you, you can always go for refinancing your second mortgage.

God bless you.

For MortgageFit,
Samantha

Guest

Hi Owen,

Refinancing your second mortgage will help to lower your payments, but you need to do a little bit of shopping before you make the deal.

This will help you to get a convnient rate for you.

Thanks,
Mike

jameshogg · Posted: Sat Jan 07, 2006 10:47 am Post subject:

Don't worry for the higher rates you are facing. Rates are increasing everyday. That's why the lowest rates today may be higher than the highest rates in the earlier years.

This makes many people to opt for refinance which has a certain advantage to lower your interest rates. So, like others I am too in the favor of refinancing your second mortgage.

James

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