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Profile picture for Jerry the Jacket

My son has a first mortgage with a balance of $89,500 with 6.5% interest rate.

He also has a second mortgage with an interest only loan in the amount of $22,500.  His current monthly payments for both are over $700.  I am wondering if he can combine the loans into one loan and save money on his monthly note.  His property value is $100,000 and he would need $112,000 to address both his current first and second mortgage loans.  He is employed and earns approximately $40 K per year.
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March 25 2009 - Lexington
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Profile picture for Jerry the Jacket
Thanks for the response.  So in his case the most he could borrow would be $105,000 based on a property value of $100,000?  That would mean he would have to come up with $7,000 to pay down one of the two existing loans.  Is my thinking correct there?
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March 25 2009
He has no equity in the house its over 100% financing. I'm afraid for now he will have to wait.
There may be a program soon where you can borrrow upto 105%.
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March 25 2009
 
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