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Viewing 3 posts - 1 through 3 (of 3 total)
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All Topics / Finance / Refinance to Payout 2nd Mortgage (Vendor Finance)
I have a relative whose property has a 2nd mortgage. They want to pay it out. They actually obtained the 2nd mortgage through vendor finance. Can they do so through refinance of 1st mortgage? If so, how easy or difficult is it to do? Any brokers out there with experience to make this happen?
They could just increase the 1st loan to pay out the second – if there is enough equity etc.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
All depends on the usual suspects-, personal circumstances. Income amount & type, equity, credit worthiness…..
Let any of us know if they need specific quotes etc.
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