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Which Refinancing Option suits your situation?

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miller_st Joined: 17 Jan 2007 Posts: 917 168.84 Dollars($)	Posted: Thu Aug 23, 2007 1:19 pm    Post subject: If you have a 5.6% rate then why are you looking for refinance when the rates stated to you will be 6.7%? Do you have any majors issues because of which you are attempting to refinance even for higher rates? Miller
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Thu Aug 23, 2007 9:21 pm    Post subject: Hi Rocesile, Refinance are generally done to get a better rate over the existing loan. But when you know the new rate for the refinance loan is going to be 6.7%, which is higher than your present rate 5.6%, then why will you go for refinance? It is better if you remain with your present loan. To decide whether to go for second mortgage or refinance the existing loan, it is better if you can calculate what are going to be the payments in both the cases. For a second mortgage, the interest rate may be higher. You should decide if you will be able to bear that. Why not check out the payments with the Cash-Out Refinance vs Second Mortgage Calculator at http://www.mortgagefit.com/calculators/cashoutrefinance-secondloan.htm l
hponzio Guest 0.10 Dollars($)	Posted: Thu Jul 24, 2008 9:45 am    Post subject: second mortgage on a reverse mortgage get a second mortgage on a reverse mortgage
larry Joined: 27 Jun 2007 Posts: 3328 473.51 Dollars($)	Posted: Fri Jul 25, 2008 4:35 am    Post subject: Hi hponzio. Welcome to the forum. Whether you should take a second mortgage or a reverse mortgage, it totally depends upon your situation. So please tell us you situation or problem so that we can help you better. BTW you can even seek No-obligation free consultation to know which kind of mortgage will be best for you situation. Best of luck, Larry
sara Joined: 05 Jul 2006 Posts: 1204 Location: New Brunswick, New Jersey 223.95 Dollars($)	Posted: Fri Jul 25, 2008 5:22 am    Post subject: RE: second mortgage or reverse mtg Hi Hponzio, I guess your question is whether you should go for a second mortgage or a reverse loan. Isn't that so? well, how old are you? Reverse mortgages are typically meant for seniors aged 62 and above. Also, do you have enough equity in your home? And one more thing that I'd like to say is, you won't have to make monthly payments in a reverse mortgage. Just read the information on reverse mortgage to know what it's all about. Take care

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