Should i transfer my second mortgage?

Financing, Hard Money Lenders, Private Money
1

Hello, we just got done refinancing our primary home using a 90-10 1st/2nd mortgage. The second mortage is for $9,600 at roughly 9% with a $73 monthly payment for 30 years with a baloon payment after 15.

With all the credit card offers with 15-24 months balence transfers at 0% interest, i am thinking about puting that second mortgage on a card. I can then pay the full $75-$100 per month toward my principal and ideally giving me more equity into my house instead of paying around $7 toward the principal. The only downfalls would be transferring the balence every 12-24 months. I do realize i wouldnt be able to write-off taxes, but its only going to amount to roughly $825 per year.

What are some thoughts and opinions on this? Is it worth it?( i think so, but may be overlooking somthing) Can you even do a balence transfer on mortgage?

2

I personally wouldn’t recommend it… you could leave it as is or refinance the second loan with another bank but make sure you don’t have a pre-payment penalty on the loan. Most loan officers give you a pre-pay to give you a better interest rate but depending on your credit, income, debt ratio, and how big the loan is… you could’ve gotten as low as a 6% for the second loan as a 30 year fixed rate. Of course that depends on your personal situation.