Posted on: 10th Dec, 2009 04:21 pm
looking to do some home improvements and wondering should i refinance or take out 2nd mortgage. house is currently valued at $290k, 120k remaining on a 30 year fixed at 5.625% with 21 years remaining. need around $50k, should i refinance on a 15 year fixed, second mortgage, etc?
Rhetoric is the art of ruling the minds of men.
Quotation of Plato
Quotation of Plato
Hi ecopeland,
How long are you planning to stay in the property? If you are planning to stay in the property for a longer period of time, i.e for 7 - 8 years, then it would be a better option to refinance the loan. However, you should note that while you refinance, you would be liable to pay the closing costs. Moreover, like getting approved for any new loan, the lender would check your credit score and income.
If you take a second loan, you would be responsible for paying the mortgage dues of both the loans. Thus, you would be liable for both the loans whereas in refinance you would be liable to pay for one loan.
How long are you planning to stay in the property? If you are planning to stay in the property for a longer period of time, i.e for 7 - 8 years, then it would be a better option to refinance the loan. However, you should note that while you refinance, you would be liable to pay the closing costs. Moreover, like getting approved for any new loan, the lender would check your credit score and income.
If you take a second loan, you would be responsible for paying the mortgage dues of both the loans. Thus, you would be liable for both the loans whereas in refinance you would be liable to pay for one loan.
inasmuch as you plan to do some remodeling, it appears you're in that house for the long haul. in that case, it sure would seem that refinancing would make sense, as adonis mentioned.
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cute