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.
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.