Financing in Fort Greene>Question Details

NYCBrowser, Home Owner in Brooklyn, NY

What are the risks of combining 2 standard mortgages into 1 Jumbo on my primary residence?

Asked by NYCBrowser, Brooklyn, NY Mon Feb 11, 2013

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the main risk is that the rate may increase a bit. Other than that I don't think there is any greater risk. Talk to your mortgage professional about this.
0 votes Thank Flag Link Mon Feb 11, 2013
You want to make sure you're saving on a monthly basis and with the overall terms of the new loan. If you're currently in two mortgages, when you combine them, will you now pay a much lower rate compared to your current blended rate? Will you be subject to PMI? Etc...

You're next move should be to meet with a Loan Officer and go over your options. There's just too many other factors that come into play, it's best to meet with a professional and cover all necessary ground and go from there.

If you need someone, I'm always available to meet. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
4 votes Thank Flag Link Mon Feb 11, 2013
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