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"rafiki" <ficke@erols.com> wrote in message
news:1151454778.121116.31580@j72g2000cwa.googlegroups.com...
> Hey all, was wondering if someone could share some advice for a first
> time buyer. I'm getting a house with a 80/15/5 loan. The 15% loan
> has a very high interest rate. I am thinking about getting a loan from
> another bank for the amount of the 15%, paying off the first lender,
> and thereby reducing my monthly payments due to the smaller interest
> rate. The lender's rate for the 15% is 8.45 on a 15 yr balloon
> payment. Could I go to another bank and borrow the amount for the 15%
> at 6.3% and pay the first lender off? Is there some sort of catch I am
> missing?
>
> Thanks,
> --rafiki
>
> Thank you drive through.
What makes you think you can get a better deal on a second mortgage from
another bank? If you're talking about a loan secured by something other
than the home then maybe, but you're probably not going to save much in any
case. Also, beware of the prepayment penalty -- your second (and possibly
first) mortgage may have penalties for early payment.
PD
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Re: real estate question
