2007-04-15 09:13:02 · 4 answers · asked by lambert 2 in Business & Finance ➔ Renting & Real Estate
Richard is right, except that you may also take out a new mortgage to pay off the existing mortgage and leave you with a little cash.
If you want some advice, unless you really need to don't!!
The housing market is rocking on a precipice.
2007-04-15 09:27:40 · answer #1 · answered by gynmedic 2 · 2⤊ 0⤋
Getting another / replacement mortgage on the home you have ,
During the 90s , you may have had a very high % rate like 9 or 10 % , then you would get a new mortgage when rates dropped .
OR , you got sucked into an ARM and now the s--t is hitting the fan and you want a replacement mortgage with the fixed rate you should have taken in the 1st place ,
OR , you took out a mortgage years ago , and now the property has appraised higher & you want to increase your mortgage (debt) load so you can take the extra cash now and go on an fancy cruise or whatever .
2007-04-15 16:33:18 · answer #2 · answered by kate 7 · 0⤊ 0⤋
It basically means taking out a loan and using your home as security
P.S. re-mortgaging assumes you already had a loan to purchase your house.
2007-04-15 16:16:45 · answer #3 · answered by Ron S 5 · 1⤊ 0⤋
You can get a loan from you bank etc and add it to your existing morgage.
2007-04-15 16:18:42 · answer #4 · answered by richard_beckham2001 7 · 0⤊ 0⤋