Is it a good time to refinance my 2nd loan on my house?

Gaylord
I owe 40, 000 on my second loan for my house. Paying I think 8 or 9% interest. Would it be wise to refinance my 2nd loan?

Emelia
it all depends, there is no way anyone answering this question can give you the correct advise as no one knows your entire situation, and you shouldnt put your entire situation in this forum. the issue with seconds is if it's a line of credit, it shows up as revolving and it is accruing interest daily. There are benefits to a second, but not at 8 or 9%. If you have equity in the home I would speak with a professional that has access to FHA as they will refi to a higher ltv than most banks will. I would also advise having a plan for the home, are you looking to use it to retire off of, or for college education, etc. Think about term of a loan, can you afford an extra couple hundred and pay this off quicker and save tens of thousands in the long run. Good luck and feel free to ask questions

Elaine
Mortgage refinance of a property is quite hassle free and usually a good idea to save money.Borrowers who find it difficult to meet their repayment obligations due to financial constraints opt for refinancing their property. Refinance is also a preferable option for borrowers who want to lower down their interest rates even though<!--they are able to make their payments comfortably. Mortgage refinancing involves replacing an existing mortgage with another one at a lower interest rate. Refinancing a property is a good option for homeowners who may have purchased property when interest rates were high. http://mortgages-finance.awardspace.com/ http://best-loans.awardspace.com/homeloans.htmThere are various repayment options that can be chosen by borrowers and lenders mutually. Bi-weekly payments are one of the most popular payment plans among borrowers.Bi-weekly payments let borrowers pay off their mortgage refinance faster. Bi-weekly payments allow borrowers to pay their monthly installments in two parts to be paid twice a month. Instead of paying full amount once a month-->borrowers pay half of their scheduled monthly mortgage payment every two weeks. An advantage of this option is that borrowers repay an amount equal to thirteen monthly payments by the end of the year, instead of the usual twelve.

Nickole
You can shop, but it is unlikely you will find a lower rate than 8-9%. I think you missed the time window for the lowest rates by a couple of months. Rates are likely to increase even more though, because of inflation.

Carmon
yes, you can try this loan company if you want to refinance to get a competitive rate and take some cash out. you can call today +447045721617Globaly Aquinted OrgUnited KingdomMr Thomas Hanksemail: thomashanks63@yahoo.com

Long
yes, right now interests are low. It's better for you to refinance and have a lower payment. Try out this web site that I used for my home purchase. You can search for rate and apply only. http://www.amerisave.com/partner/chongth…

Harriett
The going rate for a 2nd mortgage is 8.75% so i wouldn't refinance because of the rate. You could get an adjustable rate but it could go to 11% in 5 years and that wouldn't help.

Isiah
unless you can better your rate by at least 2 percentage points its not going to save you enough to be worth the effort.

Jacquelynn
If you can refi to a single fixed-rate loan, yes.