Second Mortgages Back in the Lime-Light By Barry Donavan
Barry Donovan published an article recently for Nationwide with his contention that second mortgages are en vogue. According to Donovan, the Fed chairman raised key interest rates many times over the last few years. Donovan continued, "The refinance boom for first mortgages may be over." More homeowners than ever locked 30 year fixed rate mortgages in 1st position under 6%. Donovan points out that the real estate market has shifted and the interest rates have begun to climb again. With the first mortgage rates going up, 2nd mortgages have become the latest trend in home equity lending.
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Donovan suggests that the average homeowner a 1st mortgage fixed in the mid 5's is much more inclined to take out a second mortgage for $30,000 -$50,000 cash rather than refinance the $500,000 dream loan. Barry continued, "the 2nd mortgage interest rates are higher, but when you add both payments together it is much lower than a new refinance loan.
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