Posted on: 18th Oct, 2010 01:11 pm
my home is worth $500,000. i owe $175,000 on the mortgage and $75,000 on a home equity loan i obtained about 2 years ago. can i combine these two loans and lower my payments? the mortgage will be paid in seven years ($2,500.00 per mo) the equity loan in eight years
($l,500.00 per mo)
($l,500.00 per mo)
hi crawford!
welcome to forums!
as you've equity in your property, you will be able to refinance both the mortgages into one. you should contact your lender and apply for a mortgage refinance. if you have the required credit score and stable financial situation, you'll be able to refinance the mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
as you've equity in your property, you will be able to refinance both the mortgages into one. you should contact your lender and apply for a mortgage refinance. if you have the required credit score and stable financial situation, you'll be able to refinance the mortgage.
feel free to ask if you've further queries.
sussane
Hi Crawford,
If your current loans will be paid of in 7 and 8 years, why would you want refinance?
If your current loans will be paid of in 7 and 8 years, why would you want refinance?