All About Combining Mortgages

UpdatedSep 20, 2023

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.

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10 Comments

llou, Oct, 2011

i have my house in Illinois on the market for sale and have a mortgage payment with America's Servicing Company with a balance of $58,000.00 and the house is listed for $145.000.00, but wanting to move to Arizona. So, I was wondering if there is any mortgage company that would give me a loan to buy a house in Arizona and roll my house in Illinois (mortgage)for the balance until it is sold? I would have one mortgage with two homes, of course until it sold. I would need to use the equity as the down payment. I know there is a bridge loan, but don't really think that is best for me. Any help and suggestions would greatly be appreciated and thanks in advance for your advice.

BBill, Nov, 2011

It is highly unlikely that you can find a lender to offer such an unusual product as one loan against two properties, in two different states. If anyone would offer this kind of loan, it would be a 'hard money lender' or 'private money lender.' You would certainly have to pay very high costs for such a loan.

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.

JJim, Jul, 2011

Question: We currently live in town and have been looking to move to the country. We owe just under $20K on our mortgage that was originally about $65K through Chase. Our home is older and will require some minor to moderate repairs or updates to be sold at much of a profit. We just ran across a property with a home in the country that is just about what we have been looking for. The home is 20 years old and needs some minor repairs (ceilings fallen roof appears to have just been replaced...older carpet needs updated, etc) The home turns out to be a foreclosure offered for sale through a local realtor by the same mortgage company (Chase) that we are using. Is there any chance in today's slow market that Chase might give the option of combining our current mortgage payoff with the (assumable??) mortgage from the foreclosed property? The two combined would roughly equal our original mortgage loan amount so the payment should be nearly unchanged...Sounds like a plan but am I just giving them something to laugh at by even suggesting something like that?? Is there another option that would allow us to move at our leisure after making repairs on the new home and then after moving, do repairs on our "old" home as finances and ability would allow so it could be sold at a reasonable price?Thanks.

BBill, Jul, 2011

I don't believe Chase will allow you to combine the two loans into one.

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.

BBill, Apr, 2010

I need more information to answer your question.

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?

SSally, Apr, 2010

I am interested in combining our home mortgage with our land mortgage. The land mortgage is an interest only loan which will be reaching it's five year term in about 1 year. Combining the mortgages, as part of a refinance, was given to us as an option by a mortgage company. My instinct tells me, this may not be a good thing to do. But trying to get some advice and education about the pros and cons to doing this. I am open to any comments. Thank you.

BBill, Jul, 2009

I think what you are asking for is a mortgage refinance. In a refinance, some people will exchange the equity they have in their house for cash, which they use to pay for upgrades to the property, tuition, or retiring other debt such as a car loan. To get matched to pre-qualified lenders who specialize in mortgage refinance loans, go to the mortgage refinance page.

JJennifer Girlinghouse, Jul, 2009

I'm trying to get a loan where I can combine my mortage and all my other debt. Where should I go and what should I do?

BBill, Jul, 2009

I am not aware of any firm that will do what you seek. The more important question is, and I mean this with all sincerity, "Why would you want to combine the mortgages on two properties?" I see only increased risk for you in doing so.

HHoward Ridgeway, Jun, 2009

I am looking to combine my two mortgages. Do you happen to know a company that does this for dual home owners.