giordano
Apprentice
Joined: 17 Jan 2007
Posts: 8
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 Posted: 05/24/08 - 00:22 Post subject: |
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There are really several factors that should determine whether it is viable for you to do it. Strictly speaking, there is really no problem to do it. However, when you take two mortgages, you first need to calculate the second one and see how it reflects on the total value of the possible refinance. Also, if the property you buy through a mortgage appreciates drastically above the value of the two, you can refinance without any problems. Moreover, if you are planning to have that property for a long time, refinancing will give you more benefit. For some details and an example of how this can work, go to http://www.mtgprofessor.com/A%20-%20Refinance/
refinancing_two_mortgages.htm. |
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