If you are interested in having extra cash for a second home, home improvement, vacation, even other bills or wants, you just may be eligible to get a 2nd mortgage refinance and borrow against the equity currently in your home. Equity is the difference between the amount you owe on the current mortgage, and the amount the home is appraised for.
Usually, a 2nd mortgage refinance loan is a fixed rate and you end up using your own home as collateral against the loan. In return for obtaining an advance on your homes equity, you must pay back a specific amount, monthly, for the length of the loan.
How much do I have available if I take a 2nd mortgage refinance loan?
There is a specific formula most lenders use to accurately calculate the amount of the 2nd mortgage refinance loan. Usually, this is the current market value of the home, and then minus the amount you owe on it. There are available online calculators such as the one at the bottom of this page that can help you get a rough estimate.
Also, by taking out a 2nd mortgage home refinance you could be getting into a better interest rate than you currently have, which can lower your payments all together. Rates are near an all time low right now, and your credit probably improved since purchasing your home. This alone can save you hundreds every single month for the length of the loan.
-RefinancingCondo.com

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