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Trulia Seatt…, Other/Just Looking in Seattle, WA

What are the consolidation options for someone with an existing 1st and 2nd mortgage?

Asked by Trulia Seattle, Seattle, WA Mon May 6, 2013

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So long as the 1st & 2nd don't exceed about 90% of the home's value ---and you have good credit--- you should have a variety of new mortgage options. You could re-finance both mortgages into one conventional mortgage, or an FHA mortgage. You may also consider adjustable-rate mortgages, and mortgages with a variety of terms, from ten years to 40 years. Right now, rates for a 15-year loan are about 2.60%, the lowest on record. The rate for a 30-year fixed-rate mortgage is around 3.50%. Don't delay, these rates won't be around forever, and if you miss these rates you'll regret it!
0 votes Thank Flag Link Mon May 6, 2013
I've been getting a lot of questions about this here in the Philadelphia region. So I took it upon myself to write a piece about taking the proper steps on consolidating two mortgages into one. The biggest part of consolidating your mortgages is meeting the criteria of qualification before attempt to apply. If you want, you can read more about this on my blog. I've listed my site in the web reference. Hope to hear from you if you have any other questions.
0 votes Thank Flag Link Mon Apr 27, 2015
It depends on your value and if you can do a conventional, FHA or VA loan.

Everyone's needs are different.
Web Reference: http://usloans.com
0 votes Thank Flag Link Mon May 6, 2013
All depends on :

balances
value of property
your ability to qualify


let me know if I can asisst in anyway :)
0 votes Thank Flag Link Mon May 6, 2013
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