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Refinancing or Second Mortgage - Which is Better?
By Shanks Ramacha
If you have crossed over the first mortgage and thinking for a refinance or second mortgage options, it is better time to know about the two and its pros and cons.
Refinance :
Refinance is taking a fresh mortgage in place of the first one with a view to reduce interest or to avail the equity.
Second mortgage :
Second mortgage is also called as equity loan, which is primary taken to take control of the equity of your property.
Tapping your equity is better done through this if you have low interest loan. Applying for second mortgage is easier and cheaper compared to the refinance option. Due to sheer cost factor it will take at least two years to break even in refinancing, but because of low fees is better.
In terms of accessing your home equity, it possible to access over a period of time if you take second mortgage, which is not so in the refinancing option. You will also have access to various modes like cheques, ATM card or direct deposit option to access your equity depends on how you set up the loan.
If you have cash flow problems it always better to go for it since the approval terms will be easier and loan provider will be having confidence of the repayments. On the other hand refinance can be option if your present mortgage is of high interest and your interest saving will be more than 1 %.
It is important to take your current situation during the evaluation of these options. The suitability is mainly depends on the individual circumstances and requirement. If you unsure to take a decision, it is prudent to discuss with a financial consultant. Time and again it proved by taking a proper advice you tend to save a lot of money.
Shanks Ramacha provides more free and extremely helpful information in his content rich mortgage refinance site. To search through other helpful articles on the website, explore mortgage sitemap
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Refinance Home Mortgage Interest Rate News
A Rush Into Refinancing as Mortgage Rates Fall - New York Times
 ABC News | A Rush Into Refinancing as Mortgage Rates Fall New York Times, United States - Callers cited a variety of reasons for their new interest in refinancing, mortgage lenders said. But the main reason was that they wanted to lock in a lower ... Ahead of the Bell: Plan could cut mortgage rates Homeowners' Refinancing Jumps by Record Pace Proposal could drop mortgage rates to 4.5 percent |
Bernanke Says US Must Step Up Foreclosure Efforts (Update1) - Bloomberg
 ABC News | Bernanke Says US Must Step Up Foreclosure Efforts (Update1) Bloomberg - Lawmakers should also consider reducing borrowers’ interest rate, which may be near a “quite high” 8 percent, he said. That could be accomplished by having ... The Fed's Potentially Very Bad Policy Op-Ed: Fed Throws Refinancing Party; No One Shows Up Bernanke Decides That Entire Economy Is Worth Saving |
UPDATE 1-US mortgage applications post largest gain ever - Reuters
 Yahoo | UPDATE 1-US mortgage applications post largest gain ever Reuters - "This clearly was an early holiday gift from the Federal Reserve to mortgage holders and home shoppers," said Mike Larson, a real estate and interest rate ... US MBA’s Mortgage Applications More Than Doubled Last Week Mortgage Apps On Rise As Rates Drop FINANCIAL STOCKS Bulls outlast bears in Wednesday grudge match |
FDIC's Bair warns investors fighting loan changes - The Associated Press
FDIC's Bair warns investors fighting loan changes The Associated Press - "Low interest rates help some consumers, but the ones that really need help and can't refinance are not helped." Bair has been pushing for the government to ... FDIC: Government idea won't help people in need |
Low rates breathe life into mortgage market - Columbus Dispatch
Low rates breathe life into mortgage market Columbus Dispatch, OH - Spurred by average interest rates on 30-year fixed mortgages that are under 5.5 percent, many homeowners are considering refinancing. "The mortgage rates ... |
Lower mortgage rates help but jobs, prices key - Reuters
Lower mortgage rates help but jobs, prices key Reuters - "House price declines and interest-rate declines make housing more affordable. But the bottom line problem is not that people need to refinance, ... |
Mortgage Refinance Applications Soar As Rates Fall - EasyBourse.com
 Sify | Mortgage Refinance Applications Soar As Rates Fall EasyBourse.com, France - The news sent interest rates falling, said Mike Schenk, senior economist at the Credit Union National Association. The rate on a 30-year fixed rate mortgage ... Fed will buy $500 billion in securitized home loans Mortgage rates fall, but many borrowers will have trouble qualifying US move cuts mortgages to lowest rate since February |
Refinancing a viable option for certain homeowners - Monitor
Refinancing a viable option for certain homeowners Monitor, TX - Let's say you bought a $150000 house with a $142500 loan and an interest rate of 7 percent. One year later that home is now worth $120000, but you still owe ... You can still refinance loans |
UPDATE: Builders Soar On Lower Rates, But Pain Persists - CNNMoney.com
UPDATE: Builders Soar On Lower Rates, But Pain Persists CNNMoney.com - This week's mortgage flurry comes largely from homeowners with higher interest rates who finally consider it advantageous to refinance. ... |
Interest Rates are Falling!! - WRAL.com
Interest Rates are Falling!! WRAL.com, NC - By Jeremy M. Salemson Interest Rates are falling! Interest Rates are falling! The Treasury has finally listened to our industry pleas. ... |