A Second Mortgage - Tilted Forum Project Discussion Community

Krycheck · 03-16-2004, 10:24 PM

I'm currently looking into a second on my house.
I owe about $143,000 and the current values in my neighborhood are around $210,000-260,000 for my home size. I just wanna pay off two car loans, pay what other billis I still have (about 7k) and do some remodeling to the house. I figure about 50-60k is what I'll need.

I put in a request at lendingtree.com and got some quick responses. Some look good and some right off looked not so good.

My question is what should I look for? I've re-fied my home 3 times but I've never done this before.

How much higher is the interest rate on a second compared to a first?

stevie667 · 03-17-2004, 02:33 AM

i can't really say for the states, but usually a remortgage has higher interest, but repayments are lower over a longer period of time over here.
personally, i'd say if you are going to take one out, take out the remoddling bit unless it's absoloutly neccessary, because in a few years down the line, the extrea interest could be making you pay through your teeth.
also, with any loan, do the math and figure out how much (inc. interest) you'll be paying back by the end of the loan, if it's more than half what you borrow, don't take it.

03-16-2004, 10:24 PM	#1 (permalink)
Krycheck Sultana ruined my evil persona Location: Los Angeles	A Second Mortgage I'm currently looking into a second on my house. I owe about $143,000 and the current values in my neighborhood are around $210,000-260,000 for my home size. I just wanna pay off two car loans, pay what other billis I still have (about 7k) and do some remodeling to the house. I figure about 50-60k is what I'll need. I put in a request at lendingtree.com and got some quick responses. Some look good and some right off looked not so good. My question is what should I look for? I've re-fied my home 3 times but I've never done this before. How much higher is the interest rate on a second compared to a first? __________________ His pants are tight...but his morals are loose!!

03-17-2004, 02:33 AM	#2 (permalink)
stevie667 Too Awesome for Aardvarks Location: Angloland	i can't really say for the states, but usually a remortgage has higher interest, but repayments are lower over a longer period of time over here. personally, i'd say if you are going to take one out, take out the remoddling bit unless it's absoloutly neccessary, because in a few years down the line, the extrea interest could be making you pay through your teeth. also, with any loan, do the math and figure out how much (inc. interest) you'll be paying back by the end of the loan, if it's more than half what you borrow, don't take it.