All Topics / Finance / Refinance to Payout 2nd Mortgage (Vendor Finance)

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  • Profile photo of jhk2770jhk2770
    Member
    @jhk2770
    Join Date: 2008
    Post Count: 57
    April 20, 2010 - 5:15 am

    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?

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    April 20, 2010 - 5:42 am

    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
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Investment-MortgagesInvestment-Mortgages
    Member
    @investment-mortgages
    Join Date: 2009
    Post Count: 32
    April 20, 2010 - 11:38 am

    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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