Profile picture for cheesedog00

We got our house with 2 loans , 1st mortage and equity can i combine in 1 loan?

For us to be approved to get the our home we have to get 2 loans, Jumbo Loan.. its hard to keep up with both payments
can the bank combine both in one loan?
  • May 24 2010 - Whittier
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (3)

Best Answer

It is possible or practical to combine into one loan only if the combined loan amounts will equal 80 percent of the value of the home, OR LESS. If for example you purchased your home with 10% down, an 80% LTV first loan, and a 10% CLTV second heloc loan, and the value of your home has gone DOWN in value, then it is unlikely that you will have the equity to combine the loans. If the combined loan amount is somewhere between 80 and 95% of value, you could use mortgage insurance, but I doubt that it would necessarily be cheaper or better than what you already have.

If you just can't keep up with the payments, you might want to discuss whether you are elligible for a "HAMP" loan modification with them. 
  • May 25 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

How much do you think is the value of you property if you sold it today?
How much is owed on the 1st & 2nd?
What is the property type?
What do you think your credit scores are?
All the above would help you get the best answer. .....Happy funding, Rudi
  • May 25 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.

Profile picture for Bentley Advisors
You would want to refinance and consolidate the 2 loans into one if possible.  Check w/ a local broker/lender to determine if this is possible based on your specific circumstances and current loan guidelines.
  • May 25 2010
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We 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.