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Benefits of Personal Finance Software
In this age of information, keeping track of your finances does not mean an archaic jumble of ledgers, calculators, and papers filled with calculations in chicken scratch. Now everything can be taken care of on your computer through personal...
Considering a Mortgage Refinance
If you are looking for a mortgage refinance, it never hurts to shop around for the best rate and deal. Shopping around could mean the difference between paying or saving thousands of dollars in closing costs, and interest fees'.
If time happens to...
Know Thy Finances
The first step to financial success lies in knowing your financial situation at any given time. There is an anecdote attributed to John D. Rockefeller--that as a child he was given a monthly allowance from his parents, but upon stipulation...
Selecting An Equity Finance Consultant
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Why You Should Read Personal Finance Blogs
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Second Mortgage/Home Equity vs. Refinance
Why should you take out a second mortgage or a home equity line
of credit instead of refinancing?
Well,.........You Shouldn't!!
Why Not?
1. Second Mortgages usually have an interest rant that is twice
or even three times as high as your first mortgage rate. You can
refinance instead and keep a very low rate. In the long run a
second mortgage will just cost you money in interest charges. 2.
Home equity lines of credit are designed for mortgage account
executives (salespeople) to sell you on using it like a credit
card attached to your home. They will try to convince you to use
it over and over again. 3. A refinance loan is better for the
equity in your home. Very few companies will refinance your home
at 100% of it's value without forcing you to take out a second
mortgage. You don't want to use 100% of your equity because that
means you no longer have that equity to fall back on in
emergency
situations. 4. Second Mortgages and Home Equity lines
of credit are designed to provide account executives
(salespeople) with another tool to sway you into putting another
commission in their pocket. 5. Your equity is a precious thing
and should not be used for unnecessary add ons or impulse buys.
If you don't need it and there is even a slight chance you can't
afford it, then don't get a second mortgage to buy it.
The only reason that I would ever recommend a second mortgage or
a home equity line of credit is in an emergency situation. Only
when there is no other option and you must take out a loan would
I recommend either one of these options.
About the author:
About the Author
Benjamin Ehinger has an extensive mortgage background and has
studied the industry for many years. To learn more about
Refinancing and Second Mortgages visit:
http://bandcdriver.tripod.com/second-mortgage.htm
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