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Is consolidation a must right now?

I have a home equity loan/second mortgage with a varied rate, I would like to refinance my first mortgage and include the home equity loan in the loan, resulting in 1 mortgae payment with a fixed rate. I owe 392,000 and 164,000, we pay 4.375% on the first and the second is around 6% and my house is worth between 740,00 and 800,00 based on sales in my neighorhood. My credit is around 690 based on the last time I checked and my husband should be around the same. I get an annuity payout of 2500, SS is at the max and my pension pays me about 3000 my husband consults on a regular basis and made about 78,000 last year. by ladyli_246_483 from Scottsdale, Arizona. Oct 12th 2011 Reply


Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

YES, it would benefit you to consolidate both of your loans. Rates are at the lowest right now , way under 4%. With your credit scores, and income, it would make sense for you.. It is a very good idea to get rid of your second, because of some of the things that can happen in the future., and i do not want to scare or confuse you, but i have over 24 yrs in this industry, and i have seen a lot of changes!!! Please call me at 602-330-1598 or my email at lindaforloans@live.com LINDA

Oct 12th 2011
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Kirk Anderson (KirkAnderson)
#24 ranked lender in Arizona - 50 contributions

There are many variables that come into play here, and consolidation may not be your best option. If you were to consolidate these two loans, your new loan would be considered a Jumbo loan, and rates are not way under 4% for Jumbo financing. I too have over 24 years of Lending experience, but I'm a relationship Lender, not a transactional Lender. I'd be happy to share my thoughts with you, so if you'd like to, please call me directly at 602-508-3777 and we can discuss further.Thanks,Kirk AndersonBNC National Bankkanderson@bncnationalbank.com

Oct 12th 2011
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You should absolutely refinance, and I have the perfect product for you. Rates are in the low 3's right now... 480-287-5714.. WilliamAcres.com

Oct 12th 2011
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Aaron Brown (aaron.brown)
#77 ranked lender in Arizona - 37 contributions

You may want to have a couple of loan scenarios prepared prior to making a decision. By consolidating both mortgages, you would be considered a Jumbo Loan, which has a higher rate than current advertised rates. I am a local lender/Bank ( North Scottsdale ) and would be more than happy to assit you. Best Regards, Aaron Brown 480-538-0611 x 226

Oct 12th 2011
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Lynne Dewar (ldewar)
#46 ranked lender in Arizona - 16 contributions

A loan over $417,000 is considered Jumbo money and the rates are about 1% higher than conforming money. Your new loan would be about $556,000. Since your first is at 4.375% it would not make sense to do the refinance at this time.

Oct 12th 2011
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Ellen Adams (EllenAdams)
#4 ranked lender in Oregon - 4 contributions

At first I thought yes, yes, yes. Then when I did the calculation for you. Your blended rate is 4.854% which isn't that bad. consider the fees associated with refinancing. and yes, you will be in the Jumbo market, any loan over 417,000.00 has a higher interest rate. Have you thought of a Reverse mortgage? around 5% and no payments as long as you live in the home & you are 62 yrs or older. You still own the home & the deed is in your names. call me we can discuss. Ellen 541-868-1050

Oct 12th 2011
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