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Barbara
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 Posted: Sat Sep 01, 2007 6:34 pm Post subject: 2 loan |
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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
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Wilczek
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| Posted: Sat Sep 01, 2007 7:03 pm Post subject: |
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| Did you look at the possibility of refinancing your mortgage? What lenders are saying about it? |
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 miller_st
Joined: 17 Jan 2007
Posts: 917
168.92 Dollars($)
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| Posted: Sat Sep 01, 2007 8:27 pm Post subject: |
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If there is equity then first try to refinance to bring down the interest rate on the mortgage.
But if you provide some more details like how much is the balance on each mortgage, how long its been that the loans were taken, and how much the 2nd loan was for (if first mortgage was for 80%, then you did make 10% down and 2nd was for 10% or it was for 20%) then we would be able to let you know what options are open for you right now.
Miller |
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barbara
Guest
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| Posted: Sun Sep 02, 2007 9:31 am Post subject: 2 mortgages |
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| There is about 30,000.00 in equity the second loan is at 12 percent. Can I ask the bank to reduce that second loan? The renters pay all of the first. |
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larry
Joined: 27 Jun 2007
Posts: 3328
474.49 Dollars($)
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| Posted: Sun Sep 02, 2007 8:18 pm Post subject: |
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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. |
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McNickle
Guest
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| Posted: Mon Sep 03, 2007 12:16 pm Post subject: |
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| Yes refinance the second one if you can get lower rates than what you have presently. |
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Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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| Posted: Mon Sep 03, 2007 1:40 pm Post subject: |
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Apart from requesting your bank about refinance, also contact few other lenders to know the present rates & then decide whom to go with.
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Good is the Enemy of Great. |
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warghade_s
Joined: 05 Nov 2009
Posts: 2
1.17 Dollars($)
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| Posted: Thu Nov 05, 2009 8:04 am Post subject: |
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Hi Barbara
Welcome to the mortgagefit forum;
I think you find anthor lender and refinace the profitabale interest or lower interest
Thamk's |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Thu Nov 05, 2009 10:20 am Post subject: |
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thamk's?
please try a little harder
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