Loanapalooza - Refinance Second Mortgages

Refinance Second Mortgages - Get With The Times

I'm telling you man - kids these days! This Loanapalooza has nothing on Loanstock or the Altamont Mortgage Festival man, now THOSE were concerts. You know? Real events man, major happenings, an exciting time to be alive and buying a home - dig it? Yeah, now they have these things called refinance second mortgages and I don;t even know if you could classify them as mortgages man, more like some money thrown together from mortgages found in the basement.

Refinance second mortgages only kind of rock

Sure they're loud - every mortgage lender in the country either offers refinance second mortgages of knows someone who does. But noise isn't everything - there just isn't any spirit to refinance second mortgages!

You're simply taking your available equity and using it to pay off your first home mortgage. Hmmm...ok. Whatever you want kids. Whatever makes your mortgages happy.
And I mean I know what they see - with such huge increases in equity people can qualify for low rates through their second mortgage, and using refinance second mortgages instead of a straight up refinance will save you the refinancing costs associated with several of today's ARMs.
But its just not worth it unless you have tons of equity and only a tiny bit of your original loan principal remaining - and at that stage you'd probably do just as good to pay it all off.

I tell ya, I just don't see the benefits of refinance second mortgages.

Too much dependence on equity

I mean its all about moderation man! In our day we'd take out a mortgage and live with it man, we'd love the whole world! But now everyone needs to be over the top, everyone wants to live this magical financial existence and they think they can get a better chance through refinance second mortgages - but they're wrong. Go for the pure refinance man, thats where ist at and thats where it will always be at. You think people were taking out refinance second mortgages at Loanstock? No way brother!