Refinancing or 2nd Mortgage |
Posted by
Member since Sep 2003
4871 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.

greenwell springs
Member since Feb 2010
2013 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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Washington DC metro
Member since Mar 2008
31458 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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