Mortgage Refinancing

Read this tip to make your life smarter, better, faster and wiser. LifeTips is the place to go when you need to know about Refinance Tips and other Mortgages topics.

I need to consolidate my 1st and 2nd mortgage into one and am having a hard time locating a mortgage company.

Mortgage Refinancing

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.



Nobody has commented on this tip yet. Be the first.


URL: (optional)


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

Guru Spotlight
Byron White