Home Buyers Alert

US Homeownership Aspirations Aren't Dead: Owning a Home Remains a Defining ... - Stockhouse May 21, 2012
US Homeownership Aspirations Aren't Dead: Owning a Home Remains a Defining ...StockhouseOverall, more than half of consumers polled say homeownership is a vital component to defining the American Dream and 59 percent associated feelings of excitement or pride as part of their first time home buying process. TD Bank surveyed more than 1300 ...and more » […]
Bank growth slows as consumers pinch their pennies - Globe and Mail May 20, 2012
Globe and MailBank growth slows as consumers pinch their penniesGlobe and MailFor more than a decade, consumer loans have fuelled Canadian bank earnings, pushing profits upward as home buyers took out mortgages and consumers extended their lines of credit. But as the banking sector prepares to report second-quarter earnings this ...and more » […]

Sep

07

refinance second loan

By MSC

refinance second loan
Should I refinance my second loan?

My first loan is for 300k I have 27 years left at 5.75 fixed. my second mortgage is your 53k a balloon 15/30 at 8.6% fixed. I min. payment is 459 and in 15 years you will pay 35k. my house will appraise for about 390-415k maybe more. I can get a line credit at 4.25 varible 53k and the loan only cost $ 350 im afraid varible rate but if I continue to pay 459 I pay the loan down faster. I also have access to 35k at 4.25% from my 15 years annuinity loan (interest goes back to my car) I have 20k in my savings account. What is my best option? I do not want to refinance the loan and pay 10k for closing costs and that 30 years again.

It would be easy to answer if we know the future. If house prices rise or fall ….. decide the right course. I think you should leave it alone. You do not have a bad loan. Do not worry about acceleration payments, either. Just float and see what the future holds. This line of credit variable rate will increase much faster than expected.

refinance second loan

I have two loans that are mortgages. Is it possible to refinance an existing one?

The first loan is a decent rate, but the second is high. "I can refinance only to get a lower rate?

Yes, you can refinance, technically. The banks have really cut their willingness to pay and privileges, however, second longer in a hurry. Try it.

Why You Should Get A Home refinance loan Today

Categories : Canada Mortgage

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Canada-wide Mortgage News

Canadian banks' profits to grow, but at slower rate - Canada.com May 21, 2012
Canadian banks' profits to grow, but at slower rateCanada.comHowever, warnings from the banks also suggested that mortgage lending could drop off this year as consumers focus on reducing debt and mortgage lending softens. Tom Lewandowski, a financial services analyst with Edward Jones in St. Louis, said Canadian ...and more » […]
TEXT-Fitch: Canadian banks' residential mortgage exposure manageable - Reuters May 21, 2012
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