Which banking institution is the best place to refiance a 2nd mortgage?

Answer 1

There are a lot of banks available out there, and some may have different programs to fit your unique needs. It really can depend on your situation and what you're looking for. Find someone you trust, be it a bank or a loan officer. I'm sure you'll find someone to help you.

Best wishes.

Answer 2

Credit Unions have good rates if you belong to one or can. The bank you hold your money with can offer you a good rate as well especially with low fee's. Yet what type of 2nd mortgage are you seeking? Heloc/ Closed end 2nd.

Heloc runs with the market so when rates go up so does your payment.
Closed End 2nd- Stays fixed for the term of the loan in which you choose. Payment is always the same

Watch out Helocs because at the end of the Heloc term you start at the current market rate. So one month you have your regular payment and next month after the Heloc term expired your payment could be doubled. Usually thats when you start cussing out the LO who gave you that loan.

Hope this helps on your choice.

Answer 3

Whereever you bank. Usually, if your credit is half decent, you will be able to get a discounted rate on a second, home equity line of credit, for having your minimum payment directly taken out each month. Also, right now most banks are offering a fixed option to the equity line. They charge almost nothing and there is no prepay.