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Have a 1st and 2nd Mortgage

I would like to have one mortgage, on my 2nd I pay 9.64% and would like to reduce that. My balance on my 1st loan is 140,000 and my 2nd is 39,000. I have been looking and it looks like homes that are like mine in my area are being sold for 193,000 to 201,000. Is it possible that I could do this? by rudell.porter28 from , California. Sep 30th 2015 Reply


Bill Ladewig (bill@yourfhaguru.com)
#361 ranked lender in California - 34 contributions

Yes, There are a couple of possibilities based on your credit score.

Sep 30th 2015
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Reuben Cano (eloanadvisor)
#448 ranked lender in California - 10 contributions

Seems possible just on the info you mentioned. Your LTV would be over 80% so you would end up with mortgage insurance. If you currently have MI, possibly an FHA loan.. you could end up better off since FHA has lowered their monthly MI rate. You could also restructure to an 80/10/10 which could keep you with 2 loans but both at better rates than what you have now.. there are fixed 2nds right now in the range of half of what you are currently paying.. so that would help.

Sep 30th 2015
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Joseph Afonso (jafonso)
#63 ranked lender in Arizona - 197 contributions

You do have options but it will depend on a few factors and one of the most important one will be the appraisal. Let us know if you have any other questions. Joseph Afonso with Primary Residential Mortgage 602-531-7040 www.AZHomeRates.com NMLS # 208706.

Sep 30th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

You should have no problem getting a loan.. so long as you meet all other eligibility requirements, but it is possible to combine both loans into 1 first mortgage... you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and 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 NMLS# 226347

Sep 30th 2015
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

The simple answer is yes, providing you meet all the other qualifications.

Sep 30th 2015
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