Cash-out refi vs. second loan: which is cheaper?

Borrower needs $50,000 to pay debts, improve property
Published on Oct 15, 2007

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by CareyBot

“My house is worth $400,000. The balance of my 5.5 percent first mortgage is $270,000, and I need $50,000 to pay off debts and make some improvements. I spoke to three mortgage brokers, and all advised me to refinance my ...