What is the best way to go about combining your first and second mortgages into one and having one payment?

Also, refinancing at a lower rate wouldn't hurt my feelings either!What is the best way to go about combining your first and second mortgages into one and having one payment?
Go to your local bank and apply for a combined home loan for both loans, have the bank do automatic payment deductions from your checking account, that way you will not have to be concerned about making the payment, and will always have the payment on time, which in turn will up you credit score. Best Wishes!What is the best way to go about combining your first and second mortgages into one and having one payment?
You would have to re-fi to combine the loans. It is very easy. Also the good ol IRS just make PMI a tax write off. And on loans over 80% value PMI is a requirment!





Any questions please call Dominic Moscato at 877-FUNDS-99.
Before you refinance both into a single mortgage, make sure that any savings in payments will cover the costs of refinancing. Sorry, no one refinances a mortgage for free. Also, make sure that the combined interest costs of your first two mortgage payments are definitely higher than the interest cost on the proposed refinancing BEFORE you sign or go through the program. There are tons of online calculators that can help you with this, such as bankrate. com.





Since rates are still historically low, you may still be able to refinance at a good rate. However, they have been increasing lately and all factors in your credit/payment history that were examined in your initial loans will come into play on the refinance, too. If all you are looking for is a ';lower'; monthly payment because you are planning on selling the house soon or moving, then just make sure that in the current market, that you can sell the house to cover back your finance costs.





If all you are REALLY concerned about is paying ONE payment, then you could always just change your due dates to the same date, and have the payment drafted automatically at one time from your account. Very easy to do.
You'll need to refinance them together into a single first mortgage. Remember--even if you don't get a lower rate on your first, it may be lower than what you're paying on your second now!
All you would need to do is to find a good mortgage broker to do a refinance. That would bring the 2 loans together. Try home finance of america ask for James Crowley. He did a tremendous job on our construction refinance.

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