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.
The Latest on Mortgage Rates
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 February 14, 2024
According to Freddie Mac, the 30-year mortgage rate for the week of February 14, 2024 is 6.64%. This represents a 13 basis points increase from the previous week's rate.
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%.
According to Freddie Mac, the 15-year mortgage rate for February 14, 2024 is 6.12%. This is a 22 basis points increase from last week’s rates.
Understanding the impact of mortgage rates on your finances
When it comes to determining your monthly payment, mortgage rates are a key factor to consider. Here are the avergage interest rates (APR) for February 18, 2024 based on Zillow data for borrowers with a high credit score (680-740) in the United States:
- 30-year conventional loan is 7.03%
- 15-year conventional loan is 6.19%
Based on the provided rates, a $279,082 30-year mortgage would result in a monthly payment of $1,862. Alternatively, a 15-year mortgage would require a monthly payment of around $2,384.
Experience a smooth mortgage process: Shop around and get pre-approved today!
Shopping around for mortgages and getting pre-approved can make your home-buying or refinancing process easier. Ready to take the plunge? Check Out mortgage rates now for the best options available.