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priyaforum · Joined: 21 Jul 2009 Posts: 26 3.34 Dollars($)

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...!!

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

priyaforum

Let em ask you this?

Do you own a property or plannign to buy one?

Good luck

timcrouchman · Joined: 20 Jul 2009 Posts: 52 0.00 Dollars($)

because of higher risk involvement, interest rate on 2nd mortgage are higher.

jk9999 · Joined: 15 Jul 2009 Posts: 111 1.82 Dollars($)

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.

adonis · Posted: Fri Jul 24, 2009 12:07 am Post subject:

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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