Refinance First Mortgage

Is it better to refinance first mortgage and to take cash out rather than getting a home equity line or home equity loan on my property?

First, determine how competitive your existingfirst mortgage rate is relative to where current refinancerates are. Also, look into your paperwork or talk to your mortgage company to evaluate how many years you have paid into your existing first mortgage already. For example, if you have been making payments for only several years and today's market rates are close to where the rate on your existing first mortgage is, then you may want to consider refinancing your first.

On the other hand, if the rate on your existing first mortgage is substantially lower than the one of the current market rates AND if you have been making payments on your mortgage for a period of five or more years, then a second mortgage may be amore sensible financial solution than starting over with a new first loan.Consultant with your financial adviser for the right solution for you.

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