Comments on: Whats the best and quikest way to pay off high rate second loan on first home purchase? http://www.cashpayadvance.org/cash-plus-money-loan/whats-the-best-and-quikest-way-to-pay-off-high-rate-second-loan-on-first-home-purchase/ A Weblog about My Cash Pay Advance Wed, 23 May 2012 10:13:46 +0000 http://wordpress.org/?v=abc By: reality http://www.cashpayadvance.org/cash-plus-money-loan/whats-the-best-and-quikest-way-to-pay-off-high-rate-second-loan-on-first-home-purchase/#comment-6844 reality Mon, 22 Dec 2008 09:04:17 +0000 http://www.cashpayadvance.org/whats-the-best-and-quikest-way-to-pay-off-high-rate-second-loan-on-first-home-purchase/#comment-6844 How high is your interest rate on $8000.00? And on a first mortgage, your interest is high too, because you put around 5% down. Look like you have FHA loan with PMI (mortgage insurance) and FHA have prepayment penalty. So, you defiantly can't refinance after few month, because it's too costly for you and your house didn't grow in value yet, will take at least one year. But in a mean time you can go to local bank and ask them maybe they willing to get you a better interest on our second mortgage. So, congratulation on your new house and Good Luck! How high is your interest rate on $8000.00?
And on a first mortgage, your interest is high too, because you put around 5% down. Look like you have FHA loan with PMI (mortgage insurance) and FHA have prepayment penalty.
So, you defiantly can’t refinance after few month, because it’s too costly for you and your house didn’t grow in value yet, will take at least one year. But in a mean time you can go to local bank and ask them maybe they willing to get you a better interest on our second mortgage. So, congratulation on your new house and Good Luck!

]]> By: Jason F http://www.cashpayadvance.org/cash-plus-money-loan/whats-the-best-and-quikest-way-to-pay-off-high-rate-second-loan-on-first-home-purchase/#comment-6843 Jason F Fri, 19 Dec 2008 18:09:37 +0000 http://www.cashpayadvance.org/whats-the-best-and-quikest-way-to-pay-off-high-rate-second-loan-on-first-home-purchase/#comment-6843 what is your house worth now? refi might not help you if you are just scooping both loans into one. just wait a little while. pay down the loan and then refi when your property has appreciated. you might make it actually cost more money with closing costs on your new loan. what is your house worth now? refi might not help you if you are just scooping both loans into one. just wait a little while. pay down the loan and then refi when your property has appreciated.

you might make it actually cost more money with closing costs on your new loan.

]]> By: dzwreck http://www.cashpayadvance.org/cash-plus-money-loan/whats-the-best-and-quikest-way-to-pay-off-high-rate-second-loan-on-first-home-purchase/#comment-6842 dzwreck Fri, 19 Dec 2008 05:23:04 +0000 http://www.cashpayadvance.org/whats-the-best-and-quikest-way-to-pay-off-high-rate-second-loan-on-first-home-purchase/#comment-6842 You can refinance your mortgage any time that you would like in order to get rid of that high rate 2nd mortgage. You can either try to refinance both mortgages together into one or you can simply refinance the 2nd mortgage only. However, what you want to look out for is: 1. make sure you do not have a pre-payment penalty on your current loan that you are refinancing. 2. make sure the deal will actually save you money and is in your best interest 3. make sure you refinance to a fixed rate with the uncertainty of interest rates right now and for the next few years. You can refinance your mortgage any time that you would like in order to get rid of that high rate 2nd mortgage. You can either try to refinance both mortgages together into one or you can simply refinance the 2nd mortgage only. However, what you want to look out for is:
1. make sure you do not have a pre-payment penalty on your current loan that you are refinancing.
2. make sure the deal will actually save you money and is in your best interest
3. make sure you refinance to a fixed rate with the uncertainty of interest rates right now and for the next few years.

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