 | Consolidate your debt. Simplify your monthly payments and pay off higher interest debts such as credit cards with a low interest rate mortgage loan. | ||||||||
| Lock in to a lower mortgage interest rate. Take advantage of today’s low mortgage rates by refinancing to a fixed rate or variable rate mortgage. | ||||||||
| Change your payment terms. Extend the term of your mortgage to lower your monthly mortgage payments or shorten your term and save interest over the life of your loan. | ||||||||
| Take advantage of the
equity in your home. Secure a loan for whatever you may
want to do, whether it’s for a vacation, a new car or buying your
dream vacation home, at a rate much lower then credit cards or
finance companies.
|
What’s better for me? Second home mortgage or refinance?
Second mortgages usually carry higher interest rates than first mortgages. If you have enough equity in your home you may prefer to refinance your first mortgage at a lower rate, and simply borrow funds in excess of your current loan balance. On the other hand, despite higher interest rates, second mortgages have lower transaction costs and are easier to obtain.