"What I dream of is an art of balance, of purity and serenity devoid of troubling or depressing subject matter - a soothing, calming influence on the mind, rather like a good armchair which provides relaxation from physical fatigue."Henri Matisse
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Credit Counselling about Debt Reduction By Adam Gilbert
Credit Counselling Interested in become a credit counsellor and helping free the captives to the salvery of debt - you know - having to go to work to pay the ever increasing spirialing debt. Here is some wisdom to share with your friends: - Debt ...
Mortgage Pre Approval - Getting Pre Approved For A Home Loan Online
A pre-approved mortgage is a must in a competitive housing market. It also gives you an idea of what you can afford to buy as you look at houses. Online home loan lenders allow you to compare rates and quickly complete the process. Before You ApplyBefore ...
Mortgage Tax Deduction - A Really Great Deal
We all buy homes on mortgage basis and this helps in saving a lot. We tend to pay a lot in the form of interest but what do we get in return? Here's the answer, a mortgage tax deduction. A key benefit for the new home owner wherein we can save a lot if ...
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Refinancing a first and second mortgage requires some extra considerations. Depending on your equity, you may find that combining the two mortgages results in a higher interest rate. You may also find that you have to carry PMI with the refinanced mortgage.
Will Refinancing Benefit You?
Refinancing two mortgages allows you to consolidate your loans into one payment, often lowering your monthly bill. You may also find lower rates under the right circumstances.
Those with a large amount of equity benefit most from consolidating loans since they qualify for the lowest rates. It is important to look at interest savings, not just monthly numbers which can be misleading.
However, if you have less than 25% equity, you may end up qualifying for higher rates. With less than 20% equity, you will also have to pay for private mortgage insurance. Even with these factors, you may still find that you will save money by refinancing.
Have You Done Your Research?
To see if refinancing makes sense for you, research mortgage lenders. You can quickly go online and request quotes and terms. Look at the different offers, and work out the numbers. An online mortgage calculator can help you figure out monthly payments and interest costs.
An easy way to compare cost is to first add up your interest payments for both mortgages. Use this number to compare interest payments with each potential mortgage.
You also need to factor in the cost of refinancing. Just like with your original mortgage, you will have to pay fees and points. You want to be sure that you can recoup these costs with your interest savings.
Why Do You Want To Refinance Both Mortgages?
While refinancing both mortgages is convenient, you may decide to refinance only one or both separately. With your main mortgage, you can expect to get low rates.
A second mortgage will usually qualify for higher rates, but you can lock them in. You may also choose to convert from a line of credit to an actual mortgage. Again, you will want to investigate financial packages before signing up with a lender.
About the author:
View our recommended mortgage Refi lenders. Carrie Reeder is the owner of ABC Loan Guide, an informational website about various types of loans.
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 U.S. MBA’s Mortgage Applications Index Decreased 6.2% Last Week (Bloomberg)
Nov. 19 (Bloomberg) -- Mortgage applications in the U.S. dropped last week as demand for home-purchase financing slumped to an almost eight-year low. The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan fell 6.2 percent to 398.6 for the week ended Nov. 14, from 425 the prior week.
Mortgage application volume falls 6.2 pct (Lexington Herald-Leader)
Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey. The trade group's application index slipped to 398.6 during the week, down from 425 a week earlier. Refinance volume decreased 2.6 percent, while purchase volume declined 12.6 percent during the week. Refinance volume accounted for 49.9 ...
Mortgage applications drop in week (Moldova.org)
The volume of applications for U.S. mortgages decreased last week, falling by a seasonally adjusted 6.2 percent, an industry group said.The Market Composite Index, which measures mortgage loan application volume, fell 6.2 percent from 425 to 398.6 in the week ending Nov. 14, the Mortgage Bankers Association said in a release Wednesday.The Refinance Index increased, however, up 2.6 percent to ...
Jumbo mortgage deadline looms (Bankrate.com via Yahoo! Finance)
Some mortgage borrowers are about to get squeezed by the shrinking of something called the jumbo conforming limit.
Mortgage application volume falls 6.2 pct (AP via Yahoo! News)
Mortgage application volume fell 6.2 percent during the week ended Nov. 14, according to the Mortgage Bankers Association's weekly application survey.
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