can i combine both1 st and 2nd mortgages for one new loan
can i combine both1 st and 2nd mortgages for one new loan
have 80,000 and 120,000 loan would like to combine for 1 new loan is this possable
4 Answers
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1
If both the mortgages are on the same property and if you have equity in that property, then you will be able to refinance both the loans into one.
1
To know all about refinance, you can check out the given page: http://www.mortgagefit.com/refinance.html .
1
Yes as long as the two combined are less than what the property is worth - for FHA you can borrow up to 96.5% of the property for conventional 95%
Hope this helps
Brian
1
Yes, if you have obtained your first and second mortgages on the same property, then you will be able to qualify for refinancing.