This couldn't be a better time for you if you are even considering getting a second mortgage on maybe a vacation condo, or possibly a condo for the kids.
A great reason to consider this now is the slumping housing market. You can now afford to live in desirable areas all around the country you would maybe not have been able to afford before. The second reason is that it will not only be useful now, but it is also an investment for the future. Back to basics here folks, buy low sell high.
One refinance later, a happy condo owner

Using equity you have accrued until now and using it to reinvest in a second property (namely a condo) is an amazing way to take advantage of some all time low finance rates. Combine that with some all time low home prices and you have the perfect investment opportunity. Also, interest on the loan has a good chance of being tax-deductible, so its probable you will enjoy tax benefits.
Condo living is a great lifestyle for many second home buyers. It allows you to pay a minimal amount of homeowners insurance, and maintenance fees, while enjoying all the benefits of actually being a unit owner. Enormous. So if you think or thought about getting a condo for other than main living purposes, now is the perfect time to buy.
-M Petrone
Refinancing FAQ & Advice

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