I currently have two loans out, one for my main residence here in Southern California and another for a vacation home we have up in Portland , OR what are the proper steps to consolidating the payment into one easy to manage payment? by marc339 from Oceanside, California. Jun 7th 2010
You cannot combine payments on 2 different properties. Since the property itself secures the mortgage, this is not possible. However, if you have enough equity in one of the properties, you could refinance it, most likely at a lower rate, and take that cash to pay off the other property effectively accomplishing what you are trying to do. I would be happy to prepare a market analysis of your properties for you and let you know if this is feasible. I am in California; please click my profile for contact information. Gregorio Denny --WeFixRates.Com --
Hi Marc. Since you are looking for a way to easily manage your payments on both of your properties, I would suggest to refinance both properties into a low fixed rate or lower term and then setup automatic withdrawals from a checking account. This way you can save money monthly while taking away the headache of managing two accounts. We are a Direct Lender licensed in all 50 states and would love to give you a quote. Hope this helps.
There is no way to combine both mortgages into one. If you're really concerned about the amount of properties financed, with us that's a non-issue. If you wish to lower your payments, refinancing both properties individually, is the only course of action. .... Happy funding, Rudi
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