Please comment on Second Mortgage and Second Refinancing

richosasimohan · Joined: 20 Nov 2007 Posts: 2 1.75 Dollars($)

Are they the same are different concepts? Can anyone please comment on this?

larry · Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)

H Hi richosasimohan,

Welcome to this forum.

Second mortgage and second refinance is not the same thing. If there is a primary mortgage and you take another mortgage on the equity that you have on the home, this is called second mortgage. And if you take a loan with favorable interest rate and time length and pay off the existing mortgage, this is called refinance. If you have done refinance and you wish to do a refinance once again, then it is called second refinance.

But the lenders generally hate to refinance several time with the same person.

Best of luck,
Larry

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