Consolidating 1st & 2nd Mortgages

This task can often prove difficult and many people try to pay out their secondary financing by going back to the bank that holds their first mortgage. The reality of this scenario is that often borrowers find themselves being rejected because enough time hasn’t elapsed between the time they ran into their financial problems when they took out their second mortgage. There is also the possibility that they still don’t have enough time at their job or failed to get their personal income taxes up to date. Fortunately, this does not mean that you will be unable to consolidate your 1st & 2nd mortgage as there are options.

Finding a lender to consolidate your 1st & 2nd mortgage often means you will need a lender who is willing to overlook some of the reasons your bank declined you. Just because you don’t qualify for triple “AAA” financing doesn’t mean that you can’t get a good approval without paying nose bleed interest rates. Quite often we can consolidate first and second mortgages that are very similar to the mortgages being offered by the big banks, with only marginally higher interest rates. Depending on the size and rate of your mortgages, combining a first and second mortgage is almost always a win for the borrower.