Forgotten Your Password?

Need to Register?

Question Icon

2 homes with 2 mortgages (and 1 equity loan) should we refi to one jumbo mortgage?

1st home owe 287K @ 5.625% 19 yrs left on mortgage. Home value 2.5 million (also has 125K H. E. Loan)2nd home owe 356K @ 6% 23 yrs left on mortgage home value 500,000both are income properties we are living with 90 year old mother.should we refinance? good credit,only one of us is working part time. one jumbo mortgage on 1st home???thanks for any advise. by utpcollect901 from New City, New York. Feb 9th 2014 Reply


Peter Traum (njlenderspeter)
#56 ranked lender in New Jersey - 16 contributions

With those rates you absolutely should look into refinancing. You should be paying lower rates and saving some money. Your income will be a consideration but having good equity and good credit is a great start. Please contact me if you have further questions or would like a no cost loan mortgage checkup. Good luck.Peter TraumNJ Lenders973 993 5858peter@njlender.com

Feb 9th 2014
1
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Refinancing income properties is always a bit more of a challenge but you should definitely look into options because you'll likely see some significant savings and improved cash flow. The income from the two properties will count as income based on how it shows on your tax return. I am not licensed on NY but there is someone in one of our offices there I could refer you to if desired.

Feb 9th 2014
1
0
Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

I would say to refinance with the above rates posted.The question is whether there is enough equity to do one loan and enough claimed income to stay within the debt ratio guidelines.Call us or email us at 800-991-5309 or Team@BestMortgageOption.com for a no cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Feb 10th 2014
1
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,930 contributions

Anytime the average person can lower the total payment, it probably makes sense... But really only if you keep the same, or lower terms. For example, based on the two loans you indicate, I wouldn't go more than a new 20-year loan. www.SaintPaulMortgageBroker.com

Feb 10th 2014
1
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

You should refi both properties, but I'm not sure going with one jumbo loan would be the best way to go.. so without knowing all the details, it's hard to say.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. once they see the complete details of your loan scenario, only then will someone be able to properly advise you.. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 10th 2014
1
0
Subscribe to our news feed.