My second mortgage is killing me

Discussion in 'Frugal Tips For The Home' started by New_Beginnings, Apr 16, 2014.

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  1. I've owned my home for the last 8 years and have terrific credit.
    Unfortunately, I have two mortgages and my second one is killing me. My first one is for $180k at 3.1%, but my second one is for $28.6k at 7.9%. I don't know what to do about it. Please help.
    hamza likes this.
  2. Samuel

    Samuel Newbie

    Hi NB,

    Is your second mortgage to expensive? The way I see it you have a couple of options. Refinance the mortgages into one loan or try to renegotiate a lower interest rate with your second lender.
    I believe there is a fee for refinancing that needs to be paid up front, but I think this wouldn't be a problem with how low they currently are.

    If you are struggling in making the payments your financial institution might drop the rate down for you. I would ask, sure wouldn't hurt.
    You could always consider getting a roommate to help pay the bills as well, if you live by yourself.

    Hope this helps.
  3. Shobir

    Shobir Administrator Staff Member

    Admin Post
    Have you thought about renting spare rooms out or renting out space for rent? I live in a 3 bedroom but we only require 2 bedroom which means we rent out one of the bedrooms which helps towards the costs. If you mortgage repayments are high then this is something that worth considering until you refinance your mortgage or get a better deal elsewhere.
  4. Simrin

    Simrin Newbie

    Refinancing into one loan as @Samuel stated would be the best way to go forward. Lenders are becoming more relaxed and if you have a good credit score then you could consolidate both loans together and then make one repayment at a lower rate. One point to be wary on is early exit charges. Some mortgage and loan providers have early exit penalties to prevent customers from refinancing all the time when a better rate becomes available. I would check the small print before proceeding to avoid any nasty surprises.
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