Why do people take out a second mortgage instead of refinancing?

Question by Annie: Why do people take out a second mortgage instead of refinancing?
Not more to add for this question. Just curious.

Best answer:

Answer by mJc
Usually because the rates for refinancing are higher than their current mortgage interest rate level. It’s never a good idea to get a second mortgage out on your house…

Know better? Leave your own answer in the comments!

This entry was posted in Q&A and tagged , , , , , . Bookmark the permalink.

4 Responses to Why do people take out a second mortgage instead of refinancing?

Leave a Reply

Your email address will not be published. Required fields are marked *