If you have the ability to refinance your 1st and 2nd mortgages together for a lower interest and monthly payment without adding mortgage insurance, you should move forward with that loan consolidation option immediately. Most homeowners do not have enough equity in their home to refinance 1st and 2nd liens together. Gone are the days when you can refinance two mortgages into one loan with a low fixed interest rate and no private mortgage insurance. FHA offers refinance loans to 85% when consolidating a 1st mortgage and a non-purchase money 2nd mortgage. However, there are some exceptions for people to consolidate a first and second mortgage into one loan without being required to pay PMI, if the 2nd lien is seasoned for more than twelve months. Find out if you meet the underwriting standards to consolidate 1st and 2nd mortgages together into an affordable loan with no mortgage insurance requirement.
Think about it logically; if you refinance a 1st and 2nd mortgage that carries higher interest rates into a secure mortgage with a lower fixed rate mortgage, it makes sense you could save money. Obviously, you have to make sure the closing costs and terms are reasonable before committing to consolidate 1st and 2nd mortgages into a new loan. Ask about non-prime opportunities if you don't not have equity but want to refinance your 1st and 2nd loan together. Interest rates are still great so your timing could be perfect. In today's economic climate it makes send to consider refinancing or consolidating first and second mortgages together, especially if it reduces you monthly payments.
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