Can we refinance and roll our two mortgages into one? We enjoy lots of equity contained by one of the homes.?
Answers:
If you are asking can you have the lender safe and sound 2 homes on one loan- the answer is no. It is almost impossible to get a loan on investement homes now- even if it wasn't there have to be 2 separate deeds/notes etc. It would actually be bad even if it be possible, because if you defaulted you would lose both homes- better if you have a problem to singular lose one. Source(s): 23 years mortgage business.
That can often be done. I did that near my first 2 houses when I wanted to rent one and used the equity in the other house to do that. However, also stand the luck of losing both of them so you have to be sure you have the money for the mortgage for both of them. Some individuals in /florida got hung up on this by buying one to roll over after a fix up and to bring in a bundle. But they got caught in rising taxes and insurance and next to a hurricane that came through causing some wounded. They lost both homes.
But it can be good when you have greatly of equity and want to keep the home. Just be sure of your ability to wage and that you can meet the amount of the new mortgage rate. Not sure why you want 2 houses - if one is leave home or if you are speculating.
Money is tighter now so you have to find a ridge that will do that, but they have in former times. Your equity and credit history may have a lot to do next to it.
Just be aware of risks that you take. If you are buying a foreclosed property, be aware that tax liens could still be out at hand and not released so have a title check done to be sure it is clear except for the bank that owns the property and be sure to database your title immediately afterwards and again check before it is file to be sure status is the same.
Good luck.
So you have 2 homes with 1 mortgage on respectively?
Which home has the most equity?
If it is your primary you stand a really good unpredictability. If the equity is in a rental property it will be more difficult to do a cash out refinance and you will be cap at 75-80% of the appraised value. Source(s): I'm a mortgage banker/broker
No, not if the two mortgages are on two different homes, you can not put them all into one mortgage. You may be able to refinance both of them separately and whip some of the equity out of the one house and use it to get a lower mortgage on the second house.
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