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I have a a mortgage and an equity line of credit, can i combine them both to get a lower payment? |
I have a a mortgage and an equity line of credit, can i combine them both to get a lower payment? Yes you can and it might be more beneficial for you to do so. Also in looking to combine you should also consider combining some of your other debt onto your mortgage too. This way you can avoid high interest rate credit cards or car loans. I am a loan consultant and if you need help achieving your goal feel free to give me a call. My name is Tiffany and I can be reached at 800-822-9298. lign="right" > Sign in to vote! Sure you can assuming they are both on the same property. But what you will be doing is basically refinacing your first mtg to cover the cost of your original 1st and the 2nd (the equity loan), using any additional equity your home may have created. This is fine if your new interest rate is at least 1 to 2% lower than your current mtg (including additional closing costs...why do you think these people are trying to get your business w/ there phone #'s, etc.) and you plan on staying inthe house for at least 5 years. Also make sure there are no extra "hidden" fees or prepayment penalties. lign="right" > Sign in to vote! After all these people give you a quote and are done competing for your business- email me and I will beat whatever they will do for you. _ Jmadden.CASecurity@hotmail.com lign="right" > Sign in to vote! Sure you can, but what are your rate's currently? You need to talk with someone to see if refinancing is right for you. Email me and I will send you my contact information. I work for a Natinal Lender and will be able to help you out. David |
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