Posted on: 27th Apr, 2009 08:53 am
I have a first mortgage which expires in 12 months. The 1st is 300k and my house is worth 400k. I am thinking of getting a 2nd for 50k.
However I am wondering would there be any complication by having a 50k 2nd, when my 1st become due for renewal.
I am in Canada and here the 1st are commonly 5 years (amortized over 25 years) and need renewal every 5 years.
However I am wondering would there be any complication by having a 50k 2nd, when my 1st become due for renewal.
I am in Canada and here the 1st are commonly 5 years (amortized over 25 years) and need renewal every 5 years.
hi mukarjir,
as far as i know, though you have a second mortgage, you will be able to refinance your 1st mortgage. you will have contact your lender and check out your options while renewing the mortgage.
as far as i know, though you have a second mortgage, you will be able to refinance your 1st mortgage. you will have contact your lender and check out your options while renewing the mortgage.