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Updated almost 5 years ago on . Most recent reply

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Vanessa Franco
  • Santa Clarita, CA
5
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Roof lien on our mortgage

Vanessa Franco
  • Santa Clarita, CA
Posted

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.

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Greg Scott
  • Rental Property Investor
  • SE Michigan
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Greg Scott
  • Rental Property Investor
  • SE Michigan
Replied

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.

  • Greg Scott
  • Loading replies...