Hey, everybody, and welcome to today’s Monday Mailbag!
Today’s question is, “What are my refinance options if I have a big penalty on my existing mortgage?”
That is a great question!
You actually have two options if you have a big penalty:
Get a second mortgage – Interest rates may be higher, however, a second mortgage to pay off debts if you have higher interest debts at 10, 12, 15, 18 percent and get a second mortgage at 6, 7, 8 or 9 percent could still cut those payments in half.
Break your mortgage – The cost of the penalty could outweigh the benefit of actually paying off all the debt and rolling it into one.
Let a Mission35 Hamilton Mortgage Agent crunch the numbers for you!