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Is there some way to refinance to combine a first and second mortgage into a single debt?

by JDonne from Maumele, Arkansas. Apr 3rd 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Yes.. Conventional financing will call it a "cash out" refinance when you combine a first and 2nd into one loan.. the maximum loan amount will be based on the Loan to Value (LTV), so it's necessary to know what your home is worth.. these types of transactions will have a lower loan to value, typically 85% or lower, so if you owe $85K on a 100K valued home, you would be ok... if you have less than 15% equity, then you would not be able to use conventional financing.. FHA will allow for 97.75% LTV, and it's not considered a "cash out" refi, however there will be mortgage insurance and an upfront mortgage insurance premium that is charged as well, but FHA rates are lower, so it could be a wash... you should quit guessing and contact a LOCAL mortgage broker and apply with them. 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. 480-287-5714 WilliamAcres.com

Apr 3rd 2013
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Andrew Alfonso (CashCow)
#45 ranked lender in Florida - 271 contributions

Of Course there is you silly rabbit.

Apr 3rd 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in Florida - 2,239 contributions

Yes, that being said you will need sufficient equity to do it and it will matter if it was a purchase money second, and what year you took them both out.

Apr 3rd 2013
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JOE GARRETT (www.Texaslowcostmortgage.com)
#46 ranked lender in Texas - 18 contributions

absolutely. you may be even able to combine them into one debt and then get cash out on top of that! give me a call 888-435-7190 Joe Garrett

Apr 3rd 2013
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JOE GARRETT (www.Texaslowcostmortgage.com)
#46 ranked lender in Texas - 18 contributions

Yes you can. You may even be able to combine them into one debt and get cash out on top. Give me a call 888-435-7190 Joe Garrett.

Apr 3rd 2013
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Jason Robinson (CFIsupport)
#59 ranked lender in Georgia - 106 contributions

Yes. You can combine them both into 1 mortgage by doing a cash out refinance. Find an Arkansas lender and apply today! Good luck

Apr 3rd 2013
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Ken Burrows (mortgagesforamerica)
#20 ranked lender in Nevada - 572 contributions

Yes as long as you have enough equity in the property. If you do not then the 2nd. will need to subordinate to remain in 2nd. position.

Apr 3rd 2013
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Brian French (bfrench)
#11 ranked lender in Arkansas - 52 contributions

Absolutely, but lots of things to consider. My business partner and I are local Arkansans with offices in Little Rock, Hot Springs, and Paragould. Let me know if you would like to chat about it.Thanks, Brian (bfrench@topflitefinancial.com) or 501-276-6786 or Little Rock Office 501-296-9037 (Jason Hornsby - brother-in-law and business partner)

Apr 3rd 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Yes if you have enough equity to do so. To add to what William said, it will only be considered a "cash out" refinance is if you have drawn on your equity line within the last 12 months. Otherwise, you may combine the two into a rate and term refinance program.

Apr 3rd 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

yes, as long as the value of the home is there to secure against the debt

Apr 3rd 2013
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Raymond Denton (Raymond)
#10 ranked lender in Ohio - 224 contributions

Yes. You can refinance them into a single mortgage.

Apr 3rd 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

Yes, If you have enough equity in the property, you can include it in a new mortgage. If not, you can refinance you first mortgage and keep the second one open and long and both lenders agree. If you have any questions, please contact me. Jim Mazzola 732-501-4249 or cornoil@comcast.net

Apr 3rd 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

yes

Apr 3rd 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Yes. Contact one of the fine lenders on this forum.

Apr 3rd 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

William has it pretty much nailed down. However, if the second mortgage you are paying off WAS used to acquire the home then the transaction would NOT be considered cash out

Apr 3rd 2013
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Carlos Figueira (carlosfigueira)
#108 ranked lender in New Jersey - 198 contributions

Yes, If you have enough equity in the property

Apr 3rd 2013
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George Dokos (georgedokos@movementmortgage)
#58 ranked lender in Virginia - 25 contributions

Yes. You can combine them both into 1 new mortgage by doing a cash out refinance.

Apr 3rd 2013
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Apr 9th 2013
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

Absolutely, depending on details! Lowest rates. Best Service. 20 years experience in the industry. I am always happy to assist so if you need more information, a pre-qualification, or a competing rate quote you can go to my web page and use my live support button to discuss anything at all with me in an easier format. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Dec 11th 2013
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Lorne Harvey (lorneharvey)
#81 ranked lender in Washington - 428 contributions

Absolutely, it would most likely be considered a "cash-out" refinance to pay off the 2nd mortgage. Of course you would need to speak to a local lender to see which program best fits you.

Sep 28th 2016
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Corey Vandenberg (Coreyv)
#66 ranked lender in Indiana - 28 contributions

Yes, as a West Lafayette mortgage lender, I have seen a number of West Lafayette Indiana mortgage loans combining their 1st and 2nd mortgages. The best thing about that is eliminating that pesky second mortgage payment and having double the risk of default (by having two mortgages to worry about) and one of which often is at a higher rate or a variable rate! One mortgage payment at a great fixed rate is just the best way to go. www.phmc.com/coreyvandenberg. I can help in Indiana and Florida.

Dec 14th 2017
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Michael Diaz (sincityloandr)
#1 ranked lender in Nevada - 62 contributions

If you took out the first mortgage and second mortgage at the same time it would actually be a rate and term refinance and not cash out which would give you better terms. Please contact me with any questions.

Aug 29th 2018
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