Sherryl Stovall asked:
If you have two separate mortgages for the same property and you want to pay the lower one off, can you get an unsecured line of credit for that?
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If you have two separate mortgages for the same property and you want to pay the lower one off, can you get an unsecured line of credit for that?
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Tags: Current Mortgage, Loan Mortgage, Mortgages, Unsecured Credit, Unsecured Line Of Credit, Unsecured Loan
5 responses to Can you get an unsecured loan to pay off a current mortgage?
Consolidating Debts
In theory, “yes”. In practicality, “no”.
Fixed Rate Home Equity Loans
Unsecured is a big word here. How are you going to convince someone to give you an unsecured loan and if they do what will the interest rate and fees be? If your credit is really really good then you should be able to but for the average person it doesn’t seem too feasible.
Can you get an unsecured loan to pay off a current mortgage?
Student Loan Refinancing
Possibly. Try talking to a broker – I tried loanfinder and they sorted me out OK.
Mortgage Finder
In theory, yes. In practice, it would be impossible.
Instant Auto Insurance Quote
Realize that an unsecured loan will come with a higher interest rate than that of a second mortgage on your home. Ask yourself why you are trading one loan for another if not for a great savings in the overall interest rate you are paying.
Can you get an unsecured loan to pay off a current mortgage?
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