Which is better, a cash-out refinance or a second mortgage?

If you can get a traditional 2nd mortgage from a lender with reasonable rates, that's what I would do. The closing costs should be much less that way; especially if the rate you already have on the first mortgage is pretty reasonable.

We would have to run scenario's for both options to see which is less of a monthly cost overall, in addition to the cost of each type of loan. Then we can compare them and find the best option for you. My office is located in Las Vegas near the 215 and Eastern Avenue. We have been in business for over 26 years. Our average time from application to closing is 2.5 weeks on all programs. If you are interested in having us run both of these scenarios, please call us at 702-420-2250 and we can get that to you in under (1) hour.

That depends on how much you are cashing out. What the value of the home is currently , what the current mortgage amount is. Need alot more info to answer this correctly. www.HOMEMORTGAGEXPERT.COM Peter Savino

Although you may very well be able to obtain a very low cost Home Equity Line of Credit, the interest rate will be variable, and may rise in the future. If you opt to take the fixed-rate option on a 2nd mortgage, then the interest rate will be higher than just one first-lien loan that you would receive if you did a cash-out transaction. The best answer is really based on the details of your situation, and is worth a discussion with a mortgage professional. With no obligation or upfront cost, I would be happy to discuss your options with you. I will show you different interest rate/fee combinations, and the various loan programs available to you, so that you can make an informed decision. Note: We are a west coast direct lender mortgage bank with local "in-house" document preparation and underwriting. Please contact Randy Free (NMLS# 283930) at (541) 984-5428 with Opes Advisors (NMLS# 235584) 4710 Village Plaza Lp Ste 210, Eugene, OR 97401

A home equity loan will be the more cost effective way to go. However, there are interest rate risks associated with them because of the fact that the interest rates on this product are NOT fixed. When rates begin to rise again, you will feel the pain of the higher payments. If you do a cash out refi you will incur higher costs bit you will be locking into a record low rate that will not change regardless of how high rates may go in the future.

We dont hsve enough informstion. But I am a fan of a long term cash out refinance if you need to streach the payments out as long as possible, and a fan of short term home equity loans of you think you can pay it off if just a few years.

a traditional 2nd mortgage from a lender with reasonable rates, that's what I would do. The closing costs should be much less that way. Andrew

Generic Answer due to limited information: Short term the 2nd mortgage. Long term will be the cash-out 1st mortgage.

To know for sure we would have to get more info behind what you want to do with the money and what your future plans are to answer this correctly. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Call me to go over your options for a Cash Out Refi.

If you're 1st mortgage is under 4% AND if you can afford to pay your 2nd mortgage off/or sell your home in 5 years, then a 2nd is a good option. If not stick with a 1st mortgage.