| With two mortgages, it is tempting to consolidate | | | | APR quotes for each of the three options from |
| the home loans into one refinanced mortgage. | | | | several lenders. You may find that a mortgage |
| But, this isn't always in your best interest. | | | | broker site will speed this process up by allowing |
| Depending on a number of factors, you may find | | | | you to compare multiple bids side by side. |
| that refinancing separately may qualify you for | | | | Remember too that points should be considered |
| better rates. | | | | as a factor in your decision. Paying points for a |
| Refinancing Options For Multiple Mortgages | | | | loan you don't plan to keep for several years |
| You have three options when it comes to | | | | may be more expensive than a higher interest |
| refinancing multiple mortgages. You can combine | | | | loan. |
| both loans into one, or you can refinance each | | | | Do the Math Before Refinancing Mortgage |
| account separately. The other option is to only | | | | To find the answer to which option is the best, |
| refinance the higher rate mortgage. | | | | you will have to do a little math. Fortunately, you |
| The rates available to you will depend on your | | | | can use an online mortgage calculator to quickly |
| current credit score, market indexes, and your | | | | come up with the numbers. |
| equity. So in some cases, you may find that | | | | With each loan quote, figure the difference in your |
| keeping your low rate original loan while refinancing | | | | mortgage payment if you refinanced. This number |
| the higher rate second mortgage will save you | | | | will show you which loan can give you the |
| the most money. | | | | greatest savings. But, you also need to consider |
| As odd as it may seem, refinancing your two | | | | the cost of refinancing. So divide the amount you |
| mortgages separately can qualify them for lower | | | | will save each month by the closing costs, which |
| rates than combining the two. This is especially | | | | include points, to determine how soon you will |
| true if you have little equity. | | | | break even. |
| Requesting Quotes For Mortgage Refinance | | | | While doing these calculations takes time, they will |
| To find out which option will save you the most | | | | save you money and ensure you make the right |
| money, you have to request quotes. Ask for | | | | choice. |