Consolidating first and second mortgage loans
On the other hand, a refi could be the answer to your dreams, if your dreams involve buying a monster RV, or taking an extended vacation in Aruba, or even converting your basement into a Bitcoin mining sub-station.Such vacation or consumption splurges can be far more expensive than the upfront price tag, as you'll be paying interest on that debt for many years to come.
If you don't stay long enough for the lower monthly mortgage contributions to offset the closing costs — why bother?One risk you can avoid is the arbitration process, which allows the lender to bring in a third-party negotiator who can seriously undermine any rights you have as a consumer. Of course, you're always at risk from unscrupulous lenders who are anxious to put you and your equity into a high-interest loan.When you're looking to refinance, the sharks will appear out of nowhere.Now you can shop lenders that can facilitate borrowers with cash out mortgage loans for bad credit.You have bad credit now but probably had good credit when you originally bought your home. Bad credit second loans are great for people with bad credit who have a low rate on their existing 1st mortgage.
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