I have a loan secured on my house,will i have a problem changing to a new mortgage lender?
My current discounted mortgage runs out in january 2008 and i have a loan secured on my property.i want to change my mortgage in january 2008,will i have a problem?
Answer
When you refinance, the loan will have to be paid off by the new mortgage. your new mortgage will go up by the amount it takes to off this debt, plus any costs of the refinance. if the value of your current mortgage plus this loan add up to more than the value of the house, you may not be able to refinance.
