Posted on: 07th Sep, 2010 10:51 am
i refinanced my home a year ago for a 10 year loan and i am now rethingking it. if i plan to seel my home at the most in 15 years does it make sense to have a 10 year loan- would it makemore sense to go to a 30 year loan? my husband and i are going to build a second home and will spend 6 months inthe north and 6 months in the south but will sell our southern home for something much smaller and easier to handle. with all that we will need to take out a second mortgage to build the second home.
There are no mortgage balances or house values or monthly payments or anything mentioned here. There is no data to make an analysis.
If you need a second mortgage to build the second home, you might consider doing a cash out refinance of the first mortgage now while rates are low. First mortgage rates are lower than second mortgage rates and you can get to 80% of value cash out if that covers the building of the second home. These days second mortgages often allow less than 80% of value although in some ares of the country you may be able to find second mortgages up to 90% of value.
You decide if the new first mortgage should be 10 or 15 or 20 or 25 or 30 year fixed.
If you need a second mortgage to build the second home, you might consider doing a cash out refinance of the first mortgage now while rates are low. First mortgage rates are lower than second mortgage rates and you can get to 80% of value cash out if that covers the building of the second home. These days second mortgages often allow less than 80% of value although in some ares of the country you may be able to find second mortgages up to 90% of value.
You decide if the new first mortgage should be 10 or 15 or 20 or 25 or 30 year fixed.