Financing in Montgomery>Question Details

Vernita Saun…, Home Buyer in Montgomery, AL

I have a 2nd mortgage with a high interest rate. I want to buy a new home but I don't know if I should refinance first and combine the

Asked by Vernita Saunders, Montgomery, AL Thu Aug 9, 2012

mortgages?

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It sounds as if you plan to keep your existing home and buy another? If so, I'd recommend you contact your lender and find out if you qualify for a new home with the payments as is then do the 2nd mortage refi after you close your new property.
Alternately, you could refinance your first and second mortgages into a single new first mortgage and be able to finance a lot more and a lot more easily as an owner-occupant than as an "investor."
Bottom line: talk with a mortgage person you trust. If you don't have one, call me 334-834-1500 and I'll be glad to recommend 2 or 3.
Good luck. Thanks--we appreciate you!
0 votes Thank Flag Link Thu Aug 9, 2012
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