Financing a second house: 2nd mortgage compared to refinance

Second houses represent a full period of 40% of all houses sold in America. According to a recent annual report of the National Real Estate Association (NAR), 27.7% of houses purchased in 2005 were investment buildings and 12.2% were holiday homes. About 65% of NAR’s second-household owners reported that they have considered that their second home investment homes and 29% reported having planned to purchase additional properties within two years.

Refinancing mortgages and cash flow mortgages are generally the means to finance secondary owners, home improvements and home construction on primary residences and second home residences. A mortgage refinancing of cash implies refinance an existing mortgage with a higher borrowed amount, resulting in a single loan and loan payments that can be stretched in the long term. Cash refinance generally have lower interest rates than second mortgages and may be fixed mortgage loans or adjustable rate mortgages (weapons).

A second mortgage is a subordinate loan on the same property. The two main types of second mortgages are fixed home equity loans and adjustable rate equity lines (Helocs). A home equity loan is usually a flat loan and a Heloc is a renewable line of credit, similar to a credit card, where interest is paid only on the amount borrowed. Second mortgages provide more flexible expense and repayment option owners. Depending on the needs of the owner, they can borrow all or part of the equity of the house. Second mortgages also offers owners the choice of a short-term or long-term loan.

The decision to cash equity with mortgage refinancing or asking for a second mortgage depends mainly on your needs and your ability to repay the new loan. If you have a low interest rate and favorable terms on your existing mortgage, you may want to consider a second mortgage to finance the installment payment to buy your investment property or to buy a holiday home.

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