Mortgage Refinancing

Mortgage refinancing is a tool that many people use to finance large purchases or because of the attractive interest rate that mortgage financing carries. Some examples of reasons that people refinance their mortgages include:

• To consolidate debt
• Finance home renovations
• Pay for child’s education
• Finance business ventures

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When arranging mortgage refinancing you can elect to refinance your first mortgage (lowest interest rate), obtain or refinance a second mortgage, or obtain a secured line of credit. Each choice has pros and cons:

First Mortgage

Pros:

• Lowest interest rate
• Lowest monthly payment (is amortized out over a long time with the first mortgage)

Cons:

• You don’t actually pay the lowest interest when the amortization is taken into consideration
• It is blending debt with the first mortgage

Second Mortgage

Pros:

• It is separate from the first mortgage
• It can be amortized over as little as 5 years and act as a debt consolidation

Cons:

• Will be a higher interest rate than a first mortgage – but not necessarily higher interest in total

Personal Line of Credit

Pros:

• It is separate from the first mortgage
• It is revolving so once you pay it down the credit remains available and you don’t have to refinance again

Cons:

• Involves monthly compound interest, has no term and is like having one big credit card – this is the least advisable option