Posted on: 14th Jul, 2010 06:18 am
we have a first mortgage with an interest rate of 6.25 and a second interest only with an interest rate of 8.25 and a balloon payment of $30,000 when due. is it possible to refinance both of these mortgages together and/or is it possible to refinance the 2nd mortgage so we're actually paying on the prinicipal as well?
You can refinance both the loans into one if you have equity in your property. You need to appraise the property and check out whether or not there's equity in it. If yes, then getting a mortgage refinancing will be easier. If you can refinance both the loans in to one, then you'll have to pay a single monthly payment towards your mortgage.