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If a borrower wants to refinance the first mortgage, the lender of the second will have to give their consent before this can happen. Second mortgage lenders may be unwilling to do that, particularly in a weak housing market, preventing the refinance of the first.
Home Equity Vs Second Mortgage – If you are looking for financial support to buy new home or your monthly payment of an existing loan is too high for you then our mortgage refinance service is the right place for you.
Purchase Index: +6.0% vs. +4.0%. Refinance Index: -4.0% vs. +5.0%. 30 year mortgage rate remains at 4.01% vs. 3.82%. Now read: NY Fed to hold repo operation for second day in a row.
Mortgages and home equity loans are two different types of loans you can take out on your home. A first mortgage is the original loan that you take out to purchase your home. You may choose to take out a second mortgage in order to cover a part of buying your home or refinance to cash out some of the equity of your home.
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The lender can, however, sue you for a refinance second loan used to pay off credit card, auto or other non-home improvement.