I have two mortgages. Is it possible to combine both and have one lower payment?
I have two mortgages. Is it possible to combine both and have one lower payment? They are through two different companies also.
The mortgage industry offers a simple solution to consumers in your situation: the home refinance loan.
Basically, a refinance loan would pay off your two current loans, consolidating them into a single loan of the same amount. Whether or not a refinance loan can lower your monthly payments depends on several factors, including your credit history, your income, and the interest rates on your current loans. Since I am not familiar with the specifics of your situation, I cannot tell you whether or not you should refinance your property. I encourage you to contact various mortgage brokers to discuss the options available to you.
Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at https://www.bills.com/mortage/refinance.
A broker will be able to analyze your current loans and the refinance options available to determine if a refinance loan will improve your financial prospects.
I encourage you to visit the Home Refinance Resources page to read more about refinance loans. If you submit your contact information to the Bills.com Savings Center at the top of the page, we can have several pre-screened lenders contact you to discuss the options available to you. I hope this information helps you Find. Learn. Save.
Mortgage market: a pulse check
Mortgage rate fluctuations should come as no surprise. If you are buying a home or refinancing your existing mortgage, it is important to stay informed about the current mortgage rates.
Mortgage rates September 13, 2023
According to Freddie Mac, the 30-year mortgage rate for the week of September 13, 2023 stands at 7.18%. This 6 basis points increase from the previous week's rate.
Additionally, Freddie Mac reports that the 15-year mortgage rate for September 13, 2023 is 6.51%, indicating a 1 basis points decrease from previous week’s rates.
Note: A basis point is equal to one-hundredth of one percent (0.01%). In numerical terms, if the mortgage rate changes by 20 basis points, it means the rate has changed by 0.20%.
What does the mortgage rate mean for you?
Mortgage rates play a vital role in determining your monthly payment. Let's take a look at the avergage interest rates (APR) for August 17, 2023 based on Zillow data for borrowers with a high credit score (680-740) in the United States:
- For a 30-year conventional loan, the interest rate is 7.27%.
- If you opt for a 15-year conventional loan, the interest rate stands at 6.28%.
Using the rates mentioned above, a $279,082 30-year-year mortgage would result in a monthly payment of $1,908. On the other hand, a 15-year mortgage would require a monthly payment of approximately $2,397.
Explore your options and secure pre-approval today!
To make your life easier, we highly recommend shopping around for mortgages and getting pre-approved. This will streamline the home-buying or refinancing process and make it a breeze. Ready to get started? Check Out mortgage rates now for the best options available.
10 Comments
I suggest that you look into an FHA 203(k) loan. An 203(k) loan is used to buy and fix-up a home. If you can qualify for the loan while making your current payments, that could be the best solution.
1. How much will you borrow to pay off the land and the first mortgage?
2. What kind of loan are you refinancing into, and at what rate?
3. How much do you owe on both properties now and what are the terms of the existing financing?
4. What are your goals with the properties? Do you plan to keep them long term?
Since your house is on the market, your financing options are limited. Most lenders require a property to not have been listed for sale for a number of months, if the borrower wants to do a cash-out mortgage. You could look into a HELOC.