Now may be the time to consider refinancing that piggy-back loan you did years ago while trying to avoid mortgage insurance. As second mortgage rates continue to increase, new options for homeowners who earn less than $100,000 can get them out of that rising rate second and into a single loan with tax deductible M.I. The monthly premium will typically be much less per month than they are paying on the second mortgage and as rates remain low, consolidating both loans into one low fixed rate could help them save monthly. This could take the worry out of thousands of homeowners minds each month as they cringe while opening their second mortgage statements only to find their rate has gone up again.
This deduction is also available for home purchases as well and can make a larger home more affordable by avoiding the high rate seconds associated with Piggy-Backs. If you are looking for a home in the Atlanta, Georgia area try www.ryanwardrealestate.com to help you find what you are looking for.
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