Mortgage debt consolidating mortgage company

21-Jul-2019 08:37

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There can be various reasons to take out a second mortgage, such as consolidating debts, financing home improvements, or covering a portion of the down payment on the first mortgage to avoid the property mortgage insurance (PMI) requirement.

The second mortgage, secured with the same assets as the first, usually carries a higher rate of interest than the first mortgage.

The option that best suits you depends on your overall debt load, credit score and history, available cash and other aspects of your financial situation, as well as your self-discipline.

Consolidation works best when your ultimate goal is to become debt-free.

“Points” are a fee for lowering the interest rate of the loan.

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Another option, if there is enough equity, is to refinance and borrow funds in excess of the current loan balance.

The common reasons people get a second mortgage are: There are two kinds of secondary mortgages: fixed rates & home equity lines of credit.

The home equity line of credit is an adjustable rate mortgage.

Before agreeing to the loan, always get how much the fee is in writing.

Some states limit the fee amount that a lender may charge on a second loan.

Second mortgage loans usually have terms of up to 20 years or as little as one year.