Typically, it is not difficult to find a lender to combine the two mortgages unless the combined total exceeds your property's value. During the past decade, second-mortgage lenders have been lending up to 125% of a property's value. For those borrowers it is often necessary to "bring money to the table" (add cash to reduce the balance) when they refinance or sell.

If you do not owe more than the property's value it can be helpful to contact a mortgage broker who has access to many different programs. Mortgage brokers are able to work around blemished credit and lower credit scores easier than a conventional bank. Be certain to verify that you are not over-paying with added fees or interest rate to make up for credit issues. If the cost is too high it is often better to sell your home and repurchase a home that provides comfortable payments.

About LifeTips

Now one of the top on-line publishers in the world, LifeTips offers tips to millions of monthly visitors. Our mission mission is to make your life smarter, better, faster and wiser. Expert writers earn dough for what they know. And exclusive sponsors in each niche topic help us make-it-all happen.

Ask a Question

Not finding the advice and tips you need on this Mortgages Tip Site? Request a Tip Now!

Guru Spotlight

Lynne Christen

Ever wonder how you could make your life better and more fun? So have tens of millions of fans who have turned to LifeTips for answers over the past decade. We keep the tips, advice, books, podcasts and writing services flowing, so you can keep your life and business growing in the right direction. Upward!