dcsimg
We research, you save.
Got Questions On Rates? (855) 610-2972

Should we consolidate our first and second mortgages into one loan?

Q: We have a first mortgage at 5.75% and a second mortgage at 8.75%. Should we refinance and combine the two?

A: If you have an equity position which allows you to consolidate both loans into a new first mortgage -- that is, after the refinancing, your loans don't exceed about 80% of the present value of the home -- and you plan on remaining there for at least several years, you should be able to realize some considerably interest savings with a single new mortgage. Use our mortgage calculator to see where you are in both mortgages, then calculate your interest costs after a consoldiating refinance.

More help from HSH.com

No Comments

Leave a Comment
 
Mortgage Rates from 0.00%