Monday, May 28, 2007

Refinancing a Mortgage

There's a lot written about mortgages (or to be more accurate, a refinance mortgage loan) and I'm about to add to it.

Some 8 months back we remortgaged our place....seems kike and odd thing to do given that the original mostgage was almost paid off. But we wanted to get a second house. The best way to finance this was to extract the equity we had in the first one. That loan is now being paid off by hte rent that we receive on that first house. So, we're washing our face there.

We then used the money we extracted to buy another house elsewhere, as a place for us to actually live in (it get s complicated because it's in a different country which is one reason we remortgaged, but it doesn't change the basic point). The equity we withdrew was enough to pay to remodel the house as well, so that's just finished and we're now able to live here full time.

But the nett effectof all of this is that we're not really paying a rent or a mortgage anywhere. Well, we are, but that's covered by the rent we're receiving.

Pretty good really and there's a decent site full or articles telling you how you too can do things like this. Here's one on cash-out mortgages and another on upgrade mortgages.

One of the best ways tomake money is to make sure that your money is working for you. So click through to find out how you can do that.

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