Welcome to Easy Mortgage Online Guide
Mortgage Insurance Article
This is a selection made from among articles on Mortgage Insurance. For a permanent link to this article, or to bookmark it for future reading, click here.
1st And 2nd Mortgage Refinance Loan
from: Carrie ReederRefinancing a first and second mortgage requires some extra
considerations. Depending on your equity, you may find that
combining the two mortgages results in a higher interest rate.
You may also find that you have to carry PMI with the refinanced
mortgage.
Will Refinancing Benefit You?
Refinancing two mortgages allows you to consolidate your loans
into one payment, often lowering your monthly bill. You may also
find lower rates under the right circumstances.
Those with a large amount of equity benefit most from
consolidating loans since they qualify for the lowest rates. It
is important to look at interest savings, not just monthly
numbers which can be misleading.
However, if you have less than 25% equity, you may end up
qualifying for higher rates. With less than 20% equity, you will
also have to pay for private mortgage insurance. Even with these
factors, you may still find that you will save money by
refinancing.
Have You Done Your Research?
To see if refinancing makes sense for you, research mortgage
lenders. You can quickly go online and request quotes and terms.
Look at the different offers, and work out the numbers. An
online mortgage calculator can help you figure out monthly
payments and interest costs.
An easy way to compare cost is to first add up your interest
payments for both mortgages. Use this number to compare interest
payments with each potential mortgage.
You also need to factor in the cost of refinancing. Just like
with your original mortgage, you will have to pay fees and
points. You want to be sure that you can recoup these costs with
your interest savings.
Why Do You Want To Refinance Both Mortgages?
While refinancing both mortgages is convenient, you may decide
to refinance only one or both separately. With your main
mortgage, you can expect to get low rates.
A second mortgage will usually qualify for higher rates, but you
can lock them in. You may also choose to convert from a line of
credit to an actual mortgage. Again, you will want to
investigate financial packages before signing up with a lender.
About the author:
View our recommended mortgage Refi
lenders. Carrie Reeder is the owner of ABC Loan Guide, an
informational website about various types of loans.
Related Articles for Mortgage Insurance
 |
 |
Warning: file(http://www.searchfeed.com/rd/feed/TextFeed.jsp?trackID=J4200085324&pID=67483&cat=mortgage+insurance&nl=5&page=1&excID=) [function.file]: failed to open stream: HTTP request failed! HTTP/1.1 404 Not Found
in /home/quies/public_html/mortgage/datas/searchfeed.php on line 8
Mortgage Insurance Specific links
Mortgage Insurance News
Canada Guaranty mortgage insurance now available through ING DIRECT
Canada Guaranty mortgage insurance now available through ING DIRECT
Read more...Genworth sees opportunity in CMHC's limit
As Canada Mortgage and Housing Corp. nears its insurance ceiling, competitors say they have room to grow
Read more...CMHC curbs mortgage insurance offerings to banks
The federal housing agency is serving notice to banks and other lenders that it is nearing the limit on mortgage insurance it can offer them.
Read more...Challenging Economy Continues to Weigh on Mortgage Insurers
NEW YORK, NY-- - Expectations for Mortgage Insurers remain poor in 2012 as significant weakness remains in the jobs and housing markets. In late January, S&P lowered its outlook on three mortgage insurers ...
Read more...Should I switch to biweekly mortgage payments?
Dear Dr. Don,If I were to switch from a monthly mortgage payment to a biweekly payment, the new payment also would have to cover taxes, homeowners insurance and private mortgage insurance, or PMI.My total ...
Read more...