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Updated almost 5 years ago on . Most recent reply

Roof lien on our mortgage
Hi all
A year or so ago we needed our roof replace and so we went through Renew Finanical.
We didn’t know at the time that this loan was actually a lien that would prevent us from being able to refinance our mortgage.
My question is, should we try to get a personal loan to pay off the lien now, so we can refinance now that the rates are so low? And try to get a cash out refi to pay the personal loan off at the same time?
Thank you for you any advice.
Most Popular Reply

So basically your roof loan is acting like a second mortgage. Instead of a personal loan at higher interest rates (and not tax deductible) why wouldn't you just refi into a larger first mortgage and pay off both the old first mortgage and the roof loan?
Unless something is preventing that, one new first mortgage is likely the best financial route.