Posted on: 20th Nov, 2007 11:30 am
Are they the same are different concepts? Can anyone please comment on this?
h hi richosasimohan,
welcome to this forum.
second mortgage and second refinance is not the same thing. if there is a primary mortgage and you take another mortgage on the equity that you have on the home, this is called second mortgage. and if you take a loan with favorable interest rate and time length and pay off the existing mortgage, this is called refinance. if you have done refinance and you wish to do a refinance once again, then it is called second refinance.
but the lenders generally hate to refinance several time with the same person.
best of luck,
larry
welcome to this forum.
second mortgage and second refinance is not the same thing. if there is a primary mortgage and you take another mortgage on the equity that you have on the home, this is called second mortgage. and if you take a loan with favorable interest rate and time length and pay off the existing mortgage, this is called refinance. if you have done refinance and you wish to do a refinance once again, then it is called second refinance.
but the lenders generally hate to refinance several time with the same person.
best of luck,
larry