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Refinance

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Icon Mini Profile priyaforum





Joined: 21 Jul 2009

Posts: 26

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Post Posted: Wed Jul 22, 2009 7:08 am    Post subject: Refinance
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what is Refinance ?
One of my friend give me advoice for refinance, because i want to apply for second mortage loan.

Is second mortage loan is costly than first time mortage??
If yes , how much costly??

Thanks...!!
Icon Mini Profile Realgeni





Joined: 13 Apr 2009

Posts: 1434

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Post Posted: Wed Jul 22, 2009 9:44 am    Post subject:
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priyaforum

Let em ask you this?

Do you own a property or plannign to buy one?

Good luck
Icon Mini Profile timcrouchman





Joined: 20 Jul 2009

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Post Posted: Wed Jul 22, 2009 10:07 am    Post subject:
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because of higher risk involvement, interest rate on 2nd mortgage are higher.
Icon Mini Profile jk9999





Joined: 15 Jul 2009

Posts: 111

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Post Posted: Thu Jul 23, 2009 12:50 pm    Post subject:
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hello, in your question"One of my friend give me advoice for refinance, because i want to apply for second mortage loan. ", why your friend gave you such advice? He gave you advice based on what? Why you then want to apply for a second mortgage loan? The reason why people are talking about refinance is a lot. Some want to secure the low interest rate, some because of divorce and other changes, so you will need to tell us why you need refinance.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



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Location: ALASKA
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Post Posted: Fri Jul 24, 2009 12:07 am    Post subject:
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Hi priyaforum,

A refinance will help you getting a new loan with new terms and conditions and will help you in paying off your existing mortgage. A second loan, on the other hand, will be a subordinate loan to your first mortgage. You'll have to pay closing costs for both refinance and second loan. Also, you would get a second loan or refinance it, only if you've mortgage in the property. However, if you refinance an existing loan, you will be left with only one payment whereas if you go for second loan, you'll be left with two payments.

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