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 SHARON9946
Joined: 16 Jul 2009
Posts: 1
1.28 Dollars($)
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 Posted: Thu Jul 16, 2009 7:49 pm Post subject: 1ST MORTGAGE VS 2ND MORTGAGE |
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| DO YOU HAVE TO PAY OFF A 2ND MORTGAGE BEFORE YOU PAY OFF THE 1ST MORTGAGE IN A REFINANCE? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10567
Location: bloomfield, ct
10.10 Dollars($)
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| Posted: Fri Jul 17, 2009 8:32 am Post subject: |
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no, sharon; each would be paid off at the same time. did i understand you correctly?
_________________
George M. Akerley
Credit & Lending Consultant
860-221-5044 |
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robertsmith2005
Joined: 22 May 2009
Posts: 338
-0.52 Dollars($)
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| Posted: Fri Jul 17, 2009 11:34 am Post subject: |
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do you want to go for refinance? if that is the case, you can consolidate loans by refinance.
you are answerable for payment of both the loans
The interest rates on a second loan are higher to that of the first loan. This is primarily because if you default, you will be paying off the first loan prior to that of the second and as such there is a risk involved in offering second mortgages. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 10567
Location: bloomfield, ct
10.10 Dollars($)
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| Posted: Fri Jul 17, 2009 12:14 pm Post subject: |
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oh my...
_________________
George M. Akerley
Credit & Lending Consultant
860-221-5044 |
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