Posted on: 04th Sep, 2013 12:30 am
Hello there... I have a mortgage as well as an equity loan. Will I be able to refinance only my mortgage or do I need to refinance both?
Hi Bailey,
It is not mandatory for you to refinance the mortgage and the home equity loan. You can simply refinance the primary mortgage.
Thanks,
Jerry
It is not mandatory for you to refinance the mortgage and the home equity loan. You can simply refinance the primary mortgage.
Thanks,
Jerry
Hi Bailey!
Welcome to the forums!
It is better to refinance both the loans and convert it into one as you will be liable for managing only one mortgage.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
It is better to refinance both the loans and convert it into one as you will be liable for managing only one mortgage.
Feel free to ask if you've further queries.
Sussane
Yes, it's true that you should refinance both the loans and convert them into a single loan so that you only require making payments to a single lender.