Consolidating Your First and Second Mortgages
There are several ways of consolidating your first and second mortgages and there are advantages and disadvantages that you have to consider. If you want to include some non-mortgage debt into a new mortgage, this is also an option that you can consider. One way to do this is by a cash-out refinance in which you can refinance the first mortgage and leave the second one as it is. You can also have the two amounts refinanced as one loan so that the sum total of the mortgage is higher than what you originally borrowed.
Some homeowners want to consolidate the first and second mortgages to have the convenience of only one monthly payment. Although you will owe more money and have to start paying interest all over again on the money in addition to lengthening the term in which you can pay off the loan, you could end up with a lower monthly payment. This is because the payment schedule is created according to one larger amount of money over a longer period of time.
You can also walk away from consolidating your first and second mortgages with extra money. If you combine both mortgages and request extra money that you can use for whatever purpose you want, then you can have extra money to put in your bank account as a result of the consolidation. For many people, consolidating their mortgages is a way for them to pay off other debts by borrowing extra money, leaving them with only one payment.
Consolidation of the first and second mortgages is something that lenders will readily agree to. If you have a good credit record, you could get a low rate of interest and even if you have bad credit, you can still consolidate your two mortgages. However, it may be at a higher rate of interest.
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