Friday, July 07, 2006

Taking Out a 2nd Mortgage

Taking out a 2nd mortgage can be worthwhile decision; however, it does not always make financial sense for everyone. A 2nd mortgage becomes beneficial to you if the current interest rate on your mortgage is approximately 2% higher than the existing market rate. It provides you with the perfect opportunity to get out of a high interest rate loan to take advantage of lower rates. People often realize within just a few years how expensive a slightly elevated interest rate can be.

Of course, it also important to take into consideration how long you plan on staying in the home, and how the benefits add up in comparison to your personal goals. Refinancing your home mortgage is only a good idea if you plan to stay in the home long enough to make the additional fees worthwhile.

Some people decide to take out a 2nd mortgage loan if they have an adjustable-rate mortgage (ARM) and would prefer a fixed-rate loan simply to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan. Others refinance to draw on their home equity in order to get the cash they need to pay of debt, make home improvements, fund college tuitions, or to make large purchases. You should carefully consider what you expect to gain from a 2nd mortgage and ask your lender if the new loan would affectively suit these expectations.

If you decide that a 2nd mortgage is not worth the costs, you may be able to obtain all or some of the new terms you want by applying for a mortgage contract modification. We encourage you to consult one of our mortgage loan specialists to see how we can help you achieve your financial goals.

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