Consolidating loan mortgage

Two mortgages, however, can be trickier than holding just one.Luckily, there are mechanisms available with which to combine, or consolidate, two mortgages into one loan.The loan is considered safer to the lender because the borrower isn’t pocketing any money or reducing the amount of equity they have in the property.You may have refinanced recently when mortgage rates dropped to historic lows. According to Casey Fleming, mortgage advisor with C2 FINANCIAL CORPORATION, and author of, “The Loan Guide: How to Get the Best Possible Mortgage,” they are important because the terms and the amount you will pay on new mortgages could be very different.They might use this money to pay off a debt, send a child to college, finance starting a business, or make a large purchase.Others will use a second mortgage to enhance the value of their home or property through remodeling or constructing a swimming pool, etc.By consolidating the two loans, you could potentially save more than 0 each month and lock in your interest rate rather than watch it escalate if prime goes up.On the other hand, maybe you want to pay the loans off faster and want better terms that will help you do it.

And 1 point is 1% of the loan amount, so if your loan amount is 0,000, all things being equal you would pay

And 1 point is 1% of the loan amount, so if your loan amount is $200,000, all things being equal you would pay $1,250 ($200,000 x .00625) more for the same interest rate as your neighbor. If you originally acquired the two loans when you bought the house, it is not a cash-out loan since the second mortgage was used to acquire the home – not pull cash out of it.

But, the consolidation process may itself be tricky and the math may end up not making it worthwhile in the end.

Let’s look at one example: You took out a home equity line of credit ten or more years ago and during the draw period – the time when you could “draw” on your credit line – you were paying a manageable amount: $275 per month on a $100,000 line of credit.

If you can’t stop spending on credit cards, for example, because you’re using them to pay household bills, this is a sign of problem debt.

You should get free debt advice before taking out a debt consolidation loan.

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And 1 point is 1% of the loan amount, so if your loan amount is $200,000, all things being equal you would pay $1,250 ($200,000 x .00625) more for the same interest rate as your neighbor. If you originally acquired the two loans when you bought the house, it is not a cash-out loan since the second mortgage was used to acquire the home – not pull cash out of it.But, the consolidation process may itself be tricky and the math may end up not making it worthwhile in the end.Let’s look at one example: You took out a home equity line of credit ten or more years ago and during the draw period – the time when you could “draw” on your credit line – you were paying a manageable amount: $275 per month on a $100,000 line of credit.If you can’t stop spending on credit cards, for example, because you’re using them to pay household bills, this is a sign of problem debt.You should get free debt advice before taking out a debt consolidation loan.

,250 (0,000 x .00625) more for the same interest rate as your neighbor. If you originally acquired the two loans when you bought the house, it is not a cash-out loan since the second mortgage was used to acquire the home – not pull cash out of it.

But, the consolidation process may itself be tricky and the math may end up not making it worthwhile in the end.

Let’s look at one example: You took out a home equity line of credit ten or more years ago and during the draw period – the time when you could “draw” on your credit line – you were paying a manageable amount: 5 per month on a 0,000 line of credit.

If you can’t stop spending on credit cards, for example, because you’re using them to pay household bills, this is a sign of problem debt.

You should get free debt advice before taking out a debt consolidation loan.

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