If I want to combine my 1st and 2nd mortgage what type of loan would that be?

Dec

If I want to combine my 1st and 2nd mortgage what type of loan would that be?

Archived in the category: 1st mortgages

If we refinance and combine our 1st mortgage and our home equity line, what type of loan is that called. I don’t want to call a mortgage place right now because they will run our credit and all that stuff. Also would we qualify for the low rates that are being advertised if we have good credit?

a second…

2nd Home is it better to get an equity Loan to purchase or a 1st mortgage?
What is the difference between a 1st mortgage, 2nd mortgage, and home equity loan?
help is there anybody that could help us refinance our ist and 2nd mortgage combine even the value is lower?
I have a conv. loan & a 2nd mortgage should I go for a Va and combine both mortgages?
Are there any government programs out there that can help homeowners to combine your 1st and 2nd mortgages?

Posted by: admin - 5 Comments

5 comments for “If I want to combine my 1st and 2nd mortgage what type of loan would that be?”

redwine

If you have enough equity in your house, you should be able to combine it into a first mortgage and let it be. tba
References :

December 12th, 2009 at 10:54 am

Johnny A

a second…
References :

December 12th, 2009 at 11:26 am

chatsplas@sbcglobal.net

It will be a new first mortgage as your current 1rst and 2nd will be paid off. If you have good credit, adequate equity, yes you should get a good rate. Go for a fixed rate and you’ll know exactly what your payments will be throghout the loan. Go with variable rate, and yes, the interest rate could go down, but it could go up, substantially.
References :

December 12th, 2009 at 11:43 am

DAVE

I think you mean a consolidation loan. Usually to get the best rate possible you need to have excellent credit 80% LTV or lower and have a low debt to income. But basically today’s rule of thumb you will be getting a good interest rate with almost any type of mortgage loan
References :
I am a Loan Officer
davidshomesandloans@yahoo.com

December 12th, 2009 at 12:28 pm

doclakewrite

merrill lynch calls it a flexible first
References :

December 12th, 2009 at 12:56 pm

Number One Home Loans