kmull

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The real estate industry is in turmoil. Home values are plummeting in some areas, and “gently” dropping in others. Thankfully in my area home values have not decreased anywhere near the 5, 10, or 15% reported in other areas. I guess people in my part of the country buy homes to live in, not to invest in! I’m really glad I don’t have to try to refinance California mortgage.

We have two mortgages. One is 80% of the value, the second mortgage is for 15% of the value. The second of course is at a higher rate, but at least it is fixed. I’ve seen the rates drop and drop and drop, and have thought about learning more about how to refinance second mortgage.

Refinancing can be a pain though. You need someone you can trust. Someone that will charge you reasonable closing costs and get you the best rate possible.