Whats better – to refinance my home or get a second mortgage loan?
It depends on whether the mortgage loan you have for your home right now, is an ‘open’ or ‘closed’ mortgage. If your current mortgage loan is ‘open,’ it means you can refinance your home without paying a ‘financial penalty’ to your mortgage lender: so it’s cheaper for you to refinance instead of getting a second mortgage. But, if your current mortgage loan is ‘closed,’ is means you’d have to pay a financial penalty to your mortgage lender if you refinance your home, so if that financial penalty is more than the ‘closing costs’ of getting a “second mortgage,” then maybe getting a second mortgage is the way to go. Talk to one of The Mortgage Store Online’s brokers about whether you should refinance or get a second mortgage loan. Use the refinance contact form to have a broker here contact you, or call them at 1-866-880-2577.
