2 loan

Guest 0.10 Dollars($)

I have a vacation home that has 2 mortgage I can pay the first ok, there are renters in it but there is a second mortgage on the house it is at 12 percent what should I do. I am trying to sell it but its bad timing

Guest 0.10 Dollars($)

Did you look at the possibility of refinancing your mortgage? What lenders are saying about it?

miller_st · Joined: 17 Jan 2007 Posts: 917 168.82 Dollars($)

If there is equity then first try to refinance to bring down the interest rate on the mortgage.

But if you provide some more details like how much is the balance on each mortgage, how long its been that the loans were taken, and how much the 2nd loan was for (if first mortgage was for 80%, then you did make 10% down and 2nd was for 10% or it was for 20%) then we would be able to let you know what options are open for you right now.

Miller

Guest 0.10 Dollars($)

There is about 30,000.00 in equity the second loan is at 12 percent. Can I ask the bank to reduce that second loan? The renters pay all of the first.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Barbara,

Since you have equity in the house, it would be advisable to refinance the second loan at a better rate. In this way it will be easier for you to manage the loan payments.

Guest 0.10 Dollars($)

Yes refinance the second one if you can get lower rates than what you have presently.

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.17 Dollars($)

Apart from requesting your bank about refinance, also contact few other lenders to know the present rates & then decide whom to go with.

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