Question by Tek: Refinancing and Mortgage?
I have two mortgages on my home and I need to get another loan. Should I get one big loan to pay off the original two mortgages plus the new money I need? Or should I just tack on to my current 2nd mortgage the additional money I need. The first mortgage is at 5% and the second mortgage is at 8%.
p.s. I have enough equity in the home to cover the ‘new money’ I am seeking.
Answer by tinman97prn
A home equity line would actually be your best option (if you have enough available equity). Otherwise, as the 2nd has a higher interest rate, I’d try to get that one lower..
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