should I refinance two separate mortgage loans into one.
I have two homes and was caught in the home crisis. My primary homes interest rate is 6.2% and I owe $122,000 the second home is 7.0% and I owe $157,000. However, I owe more then market value now on the second home. I am renting the second home but the rent will not cover the monthly payment. Would it be advantageous to refinance and combine both loans into one.. My combined monthly mortgage on both homes is approximately $1600 per month.. by carkfire from 72701 Fayetteville, Arkansas. Mar 26th 2011
Gary Crist (coloradoreversemortgagelender)
#25 ranked lender in Colorado - 38 contributions
Hi, I know how you feel, for I am in the same situation. I have two homes, one I live in and the other one I am renting out for less that my monthly payment. I flipped houses on the side and got caught in the current mortgage crisis. There are two things I need to know, 1. What is your current income and 2. What do you think your primary home is worth? I loan nationwide with First National Bank. Give me a call at 888-546-9927 or visit my website at: www.loanofficers.50stateslender.com/gary to see how we may be able to help your situation.
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