Posted on: 26th Jul, 2009 07:48 pm
I am looking to purchase a new home using the equity in my current home. I plan to see my current home as soon as prices go back up. My current mtg is at 4.75% and I have 9 years left on a 15 year mortgage. Would I be better off refinancing my current home to pay cash for my 2nd home, or take a 2nd mortgage out?
Can i get a 30 year 2nd mortgage if I only have 9 years left to pay on the first?
Can i get a 30 year 2nd mortgage if I only have 9 years left to pay on the first?
the remaining term of your first mortgage will have no bearing on a term for second mortgage, though i doubt you'll find any 30-year terms on seconds. in your shoes, i'd opt for the second mortgage (if you feel secure enough to do that). sacrificing the 9 years remaining on your existing mortgage seems the wrong thing to do. you've really got to go over the numbers with a lender, though, to see if it would make some sense to do it.
lane_manis
Welcoem to the forum
You would be better off taking second mortage. Probably you will get interest rate close your 1st mortgage in this market.
If you have 9 years left on the current loan, do nto jepordize by mizing the two together.
Good luck and feel free to ask
Welcoem to the forum
You would be better off taking second mortage. Probably you will get interest rate close your 1st mortgage in this market.
If you have 9 years left on the current loan, do nto jepordize by mizing the two together.
Good luck and feel free to ask
you need to continue your existing mortgage as it is. you can apply for a new mortgage loan, give it on rent & can use rental income to pay second mortgage.