Ep 12: Mailbag – Second Mortgages, Home Equity Loans, and More

Smart Mortgage Show with Bill Litton

We are opening up the mailbag today to answer some listener questions about the mortgages and refinancing. Alice asks whether there is a difference between getting a mortgage for one home versus a second home? They are going to look at a lot of the same things: income, credit, and debt ratio. But you want to be aware of new interest rate regulations and your debt ratio.

Are home equity loans better than a cash-out refinance option? A home equity loan is a second mortgage option. A cash-out refinance is an adjustment to your first mortgage. Peter is wondering if he can get a new servicer without refinancing? Unfortunately, you can’t request a new servicer and these complaints are usually rare. But if you refinance you could go to a new servicer. Join us today as we take an in-depth look at these questions on today’s podcast.

TIMESTAMPS:

0:21 – Is getting a second mortgage different?

3:09 – Is a home equity loan better than a cash-out option?

6:10 – Can I get a new servicer without refinancing?

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