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Casey Fleming, a mortgage advisor with C2 FINANCIAL CORPORATION and author of “The Loan Guide: How to Get the Best Possible Mortgage,” cites these as reasons you may think of consolidating. Reduce Your Interest Rate As recently as eight years ago, average mortgage rates were much higher.

In mid-June 2007, for instance, the average 30-year rate hit a high of 6.74%.

Combining mortgages allows the homeowner to pay a single, low-interest rate mortgage payment.

Whether or not combining first and second mortgages into a single payment is a good idea depends on several factors: How much equity you have in your home, the amount of your second mortgage, the length of time that passed since you secured the second mortgage and the homeowners current credit score.

This will make the refinancing option cheaper for you in the long run.

Request information on mortgage refinancing and tell the lender that you want to combine your first and second mortgages into a single loan.

Maybe you took out a second mortgage (more commonly called a home equity loan) when rates were higher.

Today, it's harder to qualify, but interest rates are lower.Combining 1st and 2nd mortgages into one can be a positive experience.It is possible for a homeowner to simplify and organize their financial life by completing a mortgage refinance.Many homeowners take cash out to pay off high-interest debt or make home improvements.Use our refinance calculator to see if you have enough equity to reach your financial goal.

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