Posted on: 12th Sep, 2010 06:14 am
I am almost done paying off my present home. Here is my question, should I 2nd morgage my home to build another or is there alternatives. I currently own the landd I will build the home on. Thank....
you can take out a mortgage on the new home rather than taking out a second mortgage on your present home. this will help you in owning the property free and clear in few years time.
I would suggest taking out a new first mortgage. Second positions are usually higher in rate or adjustable. Lines of credit can be reduced from their originally amount. You're better off stick with a new first mortgage.
