Monday Mailbag – Refinance Options if You Currently Have a Penalty on Your Mortgage

Jan 14, 2019

Welcome to Today’s Monday Mailbag!

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:

  1. 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.
  2. 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!

Make this a fabulous day!