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Ep 12: Mailbag – Second Mortgages, Home Equity Loans, and More
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We are opening up the mailbag today to answer some listener questions about the mortgages and refinancing. Alice asks whether there is a difference between getting a mortgage for one home versus a second home? They are going to look at a lot of the same things: income, credit, and debt ratio. But you want to be aware of new interest rate regulations and your debt ratio.
Are home equity loans better than a cash-out refinance option? A home equity loan is a second mortgage option. A cash-out refinance is an adjustment to your first mortgage. Peter is wondering if he can get a new servicer without refinancing? Unfortunately, you can’t request a new servicer and these complaints are usually rare. But if you refinance you could go to a new servicer. Join us today as we take an in-depth look at these questions on today’s podcast.
TIMESTAMPS:
0:21 – Is getting a second mortgage different?
3:09 – Is a home equity loan better than a cash-out option?
6:10 – Can I get a new servicer without refinancing?
CONTACT:
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Visit the Smart Mortgage Show website for more podcasts, videos and info.
Call: 484-352-4151.
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