Second Mortgage

[rushingjr]

Closed on our home August 2020.  Good deal, had to put $40k into it to make it livable.  Now we want to get a 2nd mortgage to pay off high interest debt/CCs, about $50-55k.  What bank/CU should we consider?  What else should we consider besides that?  Could that be done by New Year's?

SN: our mortgage is 2.5% FHA which has PMI for life.  I don't think a cash out refi would be a good idea right now.  But I'm open to being corrected.  

[CH-7-Mission-Accomplished]

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@rushingjr wrote:

Closed on our home August 2020.  Good deal, had to put $40k into it to make it livable.  Now we want to get a 2nd mortgage to pay off high interest debt/CCs, about $50-55k.  What bank/CU should we consider?  What else should we consider besides that?  Could that be done by New Year's?

SN: our mortgage is 2.5% FHA which has PMI for life.  I don't think a cash out refi would be a good idea right now.  But I'm open to being corrected.  

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What was the purchase price in August 2020?   What do you estimate the house to be worth now?    What is the balance on your current first mortgage?

[NC_Mtg_Loaner]

i wouldn't be surprised if you could refinance to a conventional loan today and eliminate the PMI or reduce it substantially because the money you put into the loan would've increased the value along with some market price appreciation--something for you to consider.

Heck, you might even be able to take some cash out to pay off/consolidate some of those debts.

[rushingjr]

$485k, worth btw $575-600k, balance $472k.