Second Mortgages Buffalo NY

Why should you or shouldn't you take out a second mortgage or a home equity line of credit instead of refinancing?

Local Companies

Banas Mortgage Co. Ltd.
(716) 633-5888
27 N. Long St.
Williamsville, NY
Premium Mortgage Corp.
(716) 633-0501
6815 Main Street
Williamsville, NY
Bank of America Mortgage
(716) 635-2095
475 Crosspoint Pkwy.
Getzville, NY
Ann M. Carbeck
(716) 984-7044
60 Chatham Ct.
Orchard Park, NY
Expert Funding, Inc.
(716) 648-6691
5893 Camp Rd., Ste. 5
Hamburg, NY
Associates Mortgage Company of New York Inc
(716) 447-1678
2167 Sheridan Dr
Buffalo, NY
First Horizon Home Loans
(716) 626-3548
300 International Dr
Buffalo, NY
Mortgage It Inc
(716) 626-1253
1780 Wehrle Dr Ste 1
Buffalo, NY
Capmark Financial
(716) 854-1580
4 Cathedral Park
Buffalo, NY
American National Mortgage Corp
(716) 856-5626
345 Franklin St
Buffalo, NY

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:

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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Featured Local Company

Banas Mortgage Co. Ltd.

(716) 633-5888
27 N. Long St.
Williamsville, NY