A Borrower With Something to Gain; Brokers With Something to Sell (Washington Post)
Story date: 2007-10-12 01:36:46
Added on: 2007-10-12 15:00:16
Q: My house is worth $400,000, and the balance of my 5.5 percent first mortgage is $270,000. 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 first mortgage for about $325,000. I was thinking that I would just take a second mortgage for $50,000, but the brokers all rejected that idea. What am I missing here?
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