When Does a Second Mortgage Make More Sense Than Refinancing?

When Does a Second Mortgage Make More Sense Than Refinancing?

If you've built up equity in your home and need access to some of it, refinancing isn't your only option.

In fact, if you have a good interest rate on your existing first mortgage, replacing it with a new loan may not make financial sense.

That's where a second mortgage or HELOC may be worth considering.

Instead of changing your existing first mortgage, you may be able to borrow against some of your available equity while keeping your current first mortgage in place.

The right choice depends on several factors, including how much you need, how long you plan to keep the money, your current mortgage rate, and your overall financial goals.

There isn't one solution that's right for everyone. My job isn't to tell you which loan to take. It's to help you understand the choices and determine which one makes the most sense for your situation.

If you're considering using your home equity, let's look at the options before you make a decision.

Sincerely, Marty Prince Mortgage Technology www.MortgageTechLoans.com Office: 714-289-1609 Email: mprince@socal.rr.com DRE #00887075 NMLS #246997