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Your total outstanding balance with both the loans together = $325,956. If the current loan balance is less than 80% of the current value, then it would make total financial sense to consolidate and get a lower 30yrs fixed rate in mid 4% range depending on the other factors such as fico and propety type. However for this transaction to be rate and term the 1st and 2nd mortgages have to be purchase money 1st and 2nd. If you have drawn on the 2nd after purchasing the home then you will be capped at 75% of the value of the home as it is then considered a cash out transaction.Either way, you should be able to save money with the consolidation as your current rates are much higerIf however there is not enough equity in the home to have the 80% LTV, then you should subordinate the 2nd and still refinance the 1st mtg and you will still save money.PS: this is only for owner occupied properties
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