Combining Your First and Second Mortgage
Combining your first and second mortgage can decrease monthly payments and interest rates substantially.
Accunet can calculate your current finances and help you determine how much you’ll see in savings by combining both mortgages into one new mortgage. One benefit of consolidating your mortgages is that it can result in lower monthly payments and even reduce your loan rate. Plus, many people find that refinancing their first and second mortgage together adds more structure and organization to their financial life.
Everyone likes the idea of saving money, but there are still several things that must be considered before we can help you do that. Refinancing your first and second mortgage together can have different outcomes depending on the amount of equity currently in your home, your mortgage amount, your credit score and other factors. Maybe you took out a home equity line of credit to finance home improvements or cover college tuition costs. Since a home equity line of credit is typically an adjustable-rate loan tied to the prime rate, the numbers are bound to fluctuate. That’s why it’s crucial to discuss your loan options with an expert before making any major refinance decisions.
Refinancing your first and second mortgage together
- If you used a second mortgage or home equity line of credit to buy your home, we can typically lend you up to 95 percent of your home’s value.
- If you used your second mortgage for anything other than buying your home, then the most we can lend you when refinancing your mortgages is 80 percent of the current home value.
- Click here to get started with a free Refinance Check-Up.
We can help you get started by assessing your current financial position to determine if and when combining your first and second mortgage is the best choice for your refinancing needs. For more information on refinancing, check out some of the other options we provide at Accunet Mortgage.
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