Refinancing or 2nd Mortgage | TigerDroppings.com

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ROUSTER
LSU Fan
Member since Sep 2003
4834 posts

Refinancing or 2nd Mortgage


Just wanted some of ya'lls thoughts.
Thinking about buying land and camp for around 50k.
I owe a little over 60k on my mortgage and have 70k to 80k in equity in the place.
Just wondering what's the best route to go.
Refinance my mortgage and take the equity out of the place to pay for the camp which would in essense leave me with the same note. Or simply getting a 2nd mortgage.







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hawkeye007
LSU Fan
greenwell springs
Member since Feb 2010
1911 posts

re: Refinancing or 2nd Mortgage


cash out..second mortgage rates are higher than cash out rates. you can take up to 80% LTV(loan to value) on a cash out refi. if you have above 740 scores then you should still get a rate in the 3.75% range





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foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
29501 posts

re: Refinancing or 2nd Mortgage


Present both scenarios to a mortgage lender and see what they offer. Pick the one that looks better.





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