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.March 25 2009 - Lexington00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.