We have a loan on a home with an unpaid principal balance of around 900k, monthly payments 7382.14 and 6.125% interest. We want to find out how to buy a 2nd mortgage for the least amount possible and when we buy 2nd mortgage how to refinance 1st loan.
Answer
Your ability to obtain a 2nd mortgage or to refinance the first will be heavily dependent upon the appraised value of the property. Other factors will be your regular and reliable income stream and your credit ratings. I'd suggest taking this basic information to two or more local lending institutions and have preliminary discussions with a lending officer. 6.125% seems a little high in today's market, but act promptly, as rates are trending upward.
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