Financing in 33952>Question Details

Phyllis Myers, Real Estate Pro in 33950

I need to combine a first and second mortgage. What is your best advice?

Asked by Phyllis Myers, 33950 Mon Jan 14, 2008

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Richard Tressler’s answer
Typically, there is a cost associated with refinancing so you will need to weigh that cost against the benefit of putting them together. It will also depend on how long you plan to stay in the current home. The longer you plan on staying the more benefit you may get by combining the mortgages into a new lower rate mortgage.
Web Reference: http://www.tcatrealty.com
0 votes Thank Flag Link Fri Apr 25, 2008
Combining your fist and second mortgage can be done through a traditional refinance. If you have have enough equity this can be done easily! For example if you owe 150k on your first mortgage and 50k on your second mortgage and your house is worth 215k. You can refinance with an FHA loan for 95% Loan to value and have one interest rate of 6%
Sound good?

please give me a call if you would like for me to send you some different options.

Ryan
888-271-2221 ext 203
Community Mortgage
0 votes Thank Flag Link Thu Apr 24, 2008
First have a realtor tell you what your home is worth. If you owe more than it is worth you cannot combine the mortgages. Lenders are getting tighter on their loans and will not lend more that their appraisal so it is best to find out before starting the process.
0 votes Thank Flag Link Thu Apr 24, 2008
The first thing you want to look at is what is the rate on each of your current mortgages? Has anything changed in your financial situtation since you got the mortgages? Another thing to consider is if there is a prepayment penalty on either of the mortgages? Sometimes it may make more sense to leave them alone. The best advice I can give you is speak to a lender who is willing to take the time to determine what is right for you and your family. I would be happy to look at everything and give you some different options. Please feel free to contact me on my cell at 386-882-5699 or by email at jennifer.r.powers@us.hsbc.com.
0 votes Thank Flag Link Mon Jan 14, 2008
This sort fo thing is getting really tough to do! I would get a good lender and make sure they have the money to deliver as many talk big but can not do! How about an owner carry on the second? Is this for you or a buyer? I guess a little more info is needed. Is there a down payment?

Need more to go on.

Dirk
Re\Max Hall of Fame
Portland, Oregon
Web Reference: http://www.nwhomecenter.com
0 votes Thank Flag Link Mon Jan 14, 2008
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