1st And 2nd Mortgage Refinance Loan [mortgagefraud101.blogspot.com]

1st And 2nd Mortgage Refinance Loan [mortgagefraud101.blogspot.com]

Refinancing a first and second mortgage together is a simple process that is quite similar to a first mortgage refinance, but the two loans are combined to get a better overall interest rate. Consolidate debt by refinancing withadvice from an experienced mortgage broker in this free video on personal finance. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz

mortgagefraud101.blogspot.com Mortgage Information : How to Refinance a First & Second Mortgage

Q: I took out a mortgage six years ago with Bank of America and have an interest rate of 6.5 percent and a small second mortgage with a rate of 8.5 percent. With rates dropping like they have, I want to refinance but I my loans total probably $ 30000 ... With HARP/ government refinance, you don't have to use your current bank ...

1st And 2nd Mortgage Refinance Loan

Refinancing both your first and second mortgages will result in one low monthly payment that could save you thousands in interest charges. By combining both mortgages, you qualify for lower rates than if you refinance separately. visit here - http://getquickenmortgageloans.blogspot.com

You can see a significant savings with your second mortgage refinance, which is often several points higher than your first mortgage rates. You will also save on application fees and other closing costs.
Strategies To Lower Your Mortgage Payment

You have a couple of options to lower your mortgage payment when refinancing.

The first choice is to find a low rate mortgage. So even if you choose the same length for your loan, you will still see a savings in your monthly mortgage bill. Adjustable rate and interest only loans will give you the lowest payments, at least at the beginning of your home loan. But a fixed rate loan can also give you reasonable rates with security that they won't rise in the future.

The other option is to extend your loan term, especially in the case of your second mortgage which usually is for five to ten years. By consolidating your loans to a thirty year loan, you lengthen your payment schedule for principal, so you have a smaller payment. However, your interest rate and charges will be higher than with a shorter term.
Getting The Best Loan

Once you determine the type of loan and terms you want, do your shopping for a good lender to save even more money.

Lenders will vary in how much they charge for closing costs and interest rates. The APR will tell you how loans compare overall, both in terms of rates and closing costs.

But if you are planning to move or refinance again in the future, then be wary of paying high closing costs. Even if they secure you a lower rate, you will only see a savings if you keep the mortgage for several years.

Don't base your lender decision based on posted loan rates. Ask for a personalized loan quote based on your general information. With more accurate numbers, you can make an informed choice as to who has the best financing for you.

 

1st And 2nd Mortgage Refinance Loan

 

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