Difference Between a Second Mortgage and a Mortgage Refinance | LowerMyBills
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3 سال پیش
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00:00 Introduction
00:13 Refinance
00:31 Second Mortgage
00:51 What if Your Home Is Foreclosed?
01:12 Impact on Equity
01:28 Types of Second Mortgages
01:49 Why Do People Take Out A Second Mortgage?
02:28 Jumbo Loans
02:55 Why Choose Second Mortgage?
03:39 Why Choose Refinancing?
04:07 Closing
If you own a home and are looking to take cash out of your property, you have two main options to do so: refinancing or obtaining a second mortgage. While both options allow you to access the equity in your home, both come with different requirements, payouts, and costs. The question is: How do you know which choice is the right one?
Second mortgages and refinances can both offer access to the equity in your home, allowing you to pay off other debts, renovate your home, or invest in other endeavors. Second mortgages can offer lower closing costs, flexible payouts, and the ability to keep your old loan terms at the expense of higher interest rates. Refinances, on the other hand, come with higher closing costs and lower interest rates, while replacing your old loan with a new one. Choosing between either one will take time and consideration — so decide carefully so you can use your equity to invest in your future.
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LowerMyBills does not endorse, warrant, or guarantee any financial product, service or company and makes no representation of any rates or financial programs. The content displayed on LowerMyBills or in this video does not provide legal, financial, accounting or tax advice.
00:00 Introduction
00:13 Refinance
00:31 Second Mortgage
00:51 What if Your Home Is Foreclosed?
01:12 Impact on Equity
01:28 Types of Second Mortgages
01:49 Why Do People Take Out A Second Mortgage?
02:28 Jumbo Loans
02:55 Why Choose Second Mortgage?
03:39 Why Choose Refinancing?
04:07 Closing
If you own a home and are looking to take cash out of your property, you have two main options to do so: refinancing or obtaining a second mortgage. While both options allow you to access the equity in your home, both come with different requirements, payouts, and costs. The question is: How do you know which choice is the right one?
Second mortgages and refinances can both offer access to the equity in your home, allowing you to pay off other debts, renovate your home, or invest in other endeavors. Second mortgages can offer lower closing costs, flexible payouts, and the ability to keep your old loan terms at the expense of higher interest rates. Refinances, on the other hand, come with higher closing costs and lower interest rates, while replacing your old loan with a new one. Choosing between either one will take time and consideration — so decide carefully so you can use your equity to invest in your future.
Featuring The Bemused
thebemused
Follow LowerMyBills:
Instagram: Instagram: lowermybills
Pinterest: Pinterest: lowermybills
Facebook: Facebook: lowermybills
LinkedIn: LinkedIn: lowermybills
Twitter: Twitter: lowermybills
TikTok: TikTok: lowermybills
LowerMyBills does not endorse, warrant, or guarantee any financial product, service or company and makes no representation of any rates or financial programs. The content displayed on LowerMyBills or in this video does not provide legal, financial, accounting or tax advice.
3 سال پیش
در تاریخ 1400/08/26 منتشر شده
است.
5,757
بـار بازدید شده