Q&A: Refinancing for debt consolidation — second mortgage benefits?

Question by PR-mom: Refinancing for debt consolidation — second mortgage benefits?
I’m looking to refinance for debt consolidation. Is it better to refi my first mortgage which is at 5.625% or obtain a second mortgage?

Best answer:

Answer by theshadow01
Depends on how many years you have left on your mortgage.

You have a good rate. Second mortgages usually have very high rates. Have you considered an equity line?

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