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What is the benefit and process of combining two mortgages into one loan?

I have heard that you could combine two mortgages into one loan, I have two investment properties, one loan is for $142000 and the othe is for $130000, will it be possible to combind them and own one property free and clear ?

The only why you could combine your mortgages into one monthly mortgage is if one property is worth enough where you can refinance and take cash out to pay off the second home. If you are having difficulty paying both mortgages I might recommend refinancing one (providing you can't refinance and pay off the second home) and do either an interest only or an option arm loan to lower your monthly mortgage. I hope this helps you but if you have any further questions or need any assistance please feel free to email me. Source(s): Mortgage Consultant with Silver Creek Financial Group, LLC

you won't own either one .... you just get a lower payment and make payments longer.

What it does is this:The interest you can save by securing an attractively priced fixed-rate mortgage will lower your monthly payments and also cut substantial amounts of interest off the life of your loan. By tallying up the long-term costs of a first and second loan, and then subtracting the cost of a single mortgage obtained through refinancing, you can get a clear picture of your potential savings.
The process is that you tell a bank, lender, or mortgage company that you want to refinance and consolidate two properties into one loan. The benefit is that you'd have a lower payment.

The only way you'd own one property free and clear would be if the value of the equity in one rental unit was as much or more than the value of principle owed on the other rental unit. Otherwise the refinancier would actually hold the deeds of both properties. The disadvantage is that if tragedy strikes in your life, they will take everything both, so you'd lose more. Think carefully about it.
I would be glad to show you available mortgage options including, lowering your payments, cashing out equity in your rental properties, or possibly lowering your rates. Shoot me an email for more details.

Best Regards,
I am a Branch Manager with CFIC Home Mortgage
"I have heard that you could combine two mortgages into one loan". What you heard is this: It's combining 2 existing loans that is on one property, a 1st and 2nd mortgage...into 1 loan! In regards to your 2 properties, 1 property would have to have enough equity to pay of both loans, so in your case, 1 property has to value at least, roughly and at very minimum $300,000!