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Can I consolidate loans?

I have my primary home here and vacation home in California. Is there any way I can consolidate both loans into one? by becky290 from Portland, Oregon. Apr 16th 2018 Reply


Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 426 contributions

Hi Becky,Yes! If you have enough equity in one of the properties, we can do a cash out refinance to pay off both mortgages and consolidate them into one loan. Please let me know if I can help you with this.Thank you

Apr 16th 2018
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Hi Becky, you could only do that if both loans can be licensed against one of the properties. In other words, one would essentially be paid in full/feee and clear with proceeds from a cash out loan on the other property. Give me a call at 503-292-1131 and I can explain and see if it will work in your situatiion. Thanks for asking, Mike

Apr 16th 2018
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,692 contributions

Maybe... If you have enough equity in either of the homes, you can cash out refinance one, and use the cash to pay the other home off.

Apr 16th 2018
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,325 contributions

More info needed, but the short answer is yes.. assuming you have sufficient equity in one of your properties to fully pay off the other property and still be below 80% loan to value.. then you can do a cash out refinance, and pay off both properties.. But what you cannot do is encumber both properties, but only have one loan.. This is called cross collateralization. and conforming loan's do not allow for this.. only commercial or hard money loans.. in all reality, you wouldn't want to cross collateralize the two properties anyway.. if you fell behind and the lender were to foreclose,, you could potentially lose both properties.. besides, for tax reasons, Its best to have the two loans. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

Apr 17th 2018
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