Refinancing replaces your existing mortgage while a Junior loan, also known as a second or second mortgage, offers an additional loan and its payments. These options include any late payments and fees, using part of your existing equity in the home to regain control of difficult financial situations. Getting either of these types of loans generally require an outstanding credit history in the past and proof that you can support the new mortgage payment with your current income. Don't forget that your equity is all the money that you have paid that is not interest on the loan, and represents the portion of the property that you actually own.

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