In california if i buy a home that appraises at 150k and one year later it appraises for 300?

Anitra
how can i get the most out of my equity to buy another house: refinance or second mortgage?

Erika
Refinancing will give you the best rate over a 2nd mortgage.A second would be a higher payment and that higher payment will count against your dti for the next place as well.Open Book Advisorâ„¢

Chantel
Knowing that California homes can be pricey, you will need as much of the equity in your home as you can get. You should refinance the 1st mortgage to 80% of the homes value and then get a 2nd mortgage for the remaining 15% or 20%.While a HELOC usually offers a more competitive rate than a HEIL, I don't like what I seen HELOCs do to peoples credit scores. The FICO algorithm normally sees HELOCs as a revolving line of credit like a credit card and if you max out the HELOC, then it's like having a maxed out credit card on the credit report, and that has an adverse impact on ones credit scores. HELOCs are also variable so the payments can increase. So, on this one, I have to say do a 1st mortgage at 80% and do a 15% or 20% second mortgage at a fixed rate. Lewislstretch@mortgagestar.com

Arica
Refinance. A second can either be fixed or floating, but normally the rate is higher on a second.

Avery
refi. overall interst rate would be lower. 2nd mortgage rate is always higher.