Financing in 19962>Question Details

Jb, Home Owner in 19962

I own a second home which has 122,000 on first at 6% and 22,000 on second at 8%. I cannot get a refinance because of low appraisal. Advice?

Asked by Jb, 19962 Tue Oct 4, 2011

Would paying off the second be a smart move since we cannot get a refinance"

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Versus... not paying it off and doing what with the money instead? If you have $22k burning a hole in your pocket my advice would be to consult with a financial adviser to make sure you have considered all possibilities for use of those funds, including paying off the $22k 2nd mortgage at 8% (which at a glance sounds like a good idea, but I am not sure if you have your retirement funded, kids college education lined up, emergency reserves beyond $22k, etc.).

What did your home appraise at?
0 votes Thank Flag Link Wed Oct 5, 2011
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