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4 Good Reasons to Get a Refinance Home Loan
Refinance Your Home Now and Lower Your Interest Rate What is a refinance home loan? A refinance home loan or a home loan refinance is a new loan obtained through your lender or a new lender to pay off existing loan. However, you may opt to apply...
Refinance Or Not? That Is The Question
What does it mean to refinance? Why would someone
want to refinance? There are many cases when a person
would refinance. When we use the term refinance, we are
typically referring to a loan such as a car or house loan.
It may also be a...
Should You Consider Home Refinance, or Not?
Home refinance seems to be the craze these days with interest rates at all time lows. However, you need to do some home refinance research before you will know if it is for you or not. In general, if you bought a home when interest rates were...
Start Taking the Headaches out of Your Finances with this Do-It-Yourself Financial Plan
Actions You Take Today Assure Your Comfortable Future
It’s not really news but You’ll need money the rest of your
life. Hopefully you’ll have all you need. To get there you
need to think about how your actions today will influence
your...
What is Bridging Finance?
Once you understand what the term, "Bridging Finance" means, it’s easy to understand how it got its name. The purpose of a bridging or bridge loan is to provide short term cash for a real estate transaction until permanent financing is secured....
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Second Mortgage/Home Equity vs. Refinance
Why should you take out a second mortgage or a home equity line
of credit instead of refinancing?
Well,.........You Shouldn't!!
Why Not?
1. Second Mortgages usually have an interest rant that is twice
or even three times as high as your first mortgage rate. You can
refinance instead and keep a very low rate. In the long run a
second mortgage will just cost you money in interest charges. 2.
Home equity lines of credit are designed for mortgage account
executives (salespeople) to sell you on using it like a credit
card attached to your home. They will try to convince you to use
it over and over again. 3. A refinance loan is better for the
equity in your home. Very few companies will refinance your home
at 100% of it's value without forcing you to take out a second
mortgage. You don't want to use 100% of your equity because that
means you no longer have that equity to fall back on in
emergency
situations. 4. Second Mortgages and Home Equity lines
of credit are designed to provide account executives
(salespeople) with another tool to sway you into putting another
commission in their pocket. 5. Your equity is a precious thing
and should not be used for unnecessary add ons or impulse buys.
If you don't need it and there is even a slight chance you can't
afford it, then don't get a second mortgage to buy it.
The only reason that I would ever recommend a second mortgage or
a home equity line of credit is in an emergency situation. Only
when there is no other option and you must take out a loan would
I recommend either one of these options.
About the author:
About the Author
Benjamin Ehinger has an extensive mortgage background and has
studied the industry for many years. To learn more about
Refinancing and Second Mortgages visit:
http://bandcdriver.tripod.com/second-mortgage.htm
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