MitsuStyle - View Single Post - Re-financing Home Mortgage

**asshanson** · 10-05-2010

I think you have to get two mortgages in that case (same situation for me). A lower rate for what your house is worth, and a second one for the remainder at a higher rate. Or you pay cash for the difference of what you owe if you have the money to spare.

This doesn't really save you money in the short term though, which would be the whole point for me to try and get a lower rate. I don't plan on keeping it a long time so having the second mortgage doesn't really make sense, plus I'm about $30k under so I really have no choice but to stick it out for awhile.

10-05-2010	#3
asshanson immune from paybans Join Date: Oct 2005 Location: West Des Moines Drives: poorly Posts: 4,358	Re: Re-financing Home Mortgage I think you have to get two mortgages in that case (same situation for me). A lower rate for what your house is worth, and a second one for the remainder at a higher rate. Or you pay cash for the difference of what you owe if you have the money to spare. This doesn't really save you money in the short term though, which would be the whole point for me to try and get a lower rate. I don't plan on keeping it a long time so having the second mortgage doesn't really make sense, plus I'm about $30k under so I really have no choice but to stick it out for awhile.