Put 2 mortgages together!

Posted on: 26th Jun, 2008 02:45 pm

My two mortgage are on the same home. We would love to put them together but the value of the home has gone down. our interest is 6.75 on the main mortgage and 10.5 on the second one. Would it be a little less a month if we could consolidate the two mortgages.

Total Reply : 4

Yes but is there enough equity to do it? If your loans add up to less than 95% of the value of the home you may be able to qualify for an FHA loan. If it adds up to more than the current market value you will need to ride it out as no one will do a loan for more than the alue.

Hope THis Helps
Brian

brian1

Posted on: 26th Jun, 2008 06:57 pm

hi sandman.

welcome to the forum.

how long ago have you taken the mortgage/home loan? when you buy a mortgage you can refinance it at least after a year.

how much is the appraised value of the property now? how much do you owe to the lender?