Oracion en Orlando asked:


Especially, what is a second mortgage? and a lien? My parents never owned a home and I just don’t get these terms.

Willie

dmmatic asked:


My parents purchased house 3 years ago and at that time they were told they should refinance their house.
They have two loans:
Loan 1) $134,900.00 - 360 months - 6.375% - Monthly Payment 673.38
Loan 2) $44,975.00 - 360 months - 8.750% - Monthly Payment $358.04

Loans that they have are from two different companies. Because of the financial situation now, should my parents go and refinance their house?

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