How to combine our two home loans into one?

I think that you need to determine what the value of your home is first. You say that you've added some remodeling value to it, but I think you are saying that you didn't add square footage by adding the extra bedroom - like an addition. This may or may not add significant value to your home, but I would need more info. You need the property to appraise for enough to accommodate both mortgages. It would be considered a "cash-out" refinance. Based on your numbers, it doesn't seem possible, unless your home is in an area where values have increased. Anytime you are looking to refinance more than the existing loan on a given property, it is considered a cash-out and subject to stricter guidelines. It seems that you could have a do-able scenario going, but you need to speak with a loan officer so that he/she can understand your goals for both properties. We lend in WI and I also live there. Please feel free to contact me if you would like to talk about your options. barb.lanis@1amllc.com

What I would suggest is that you research the people giving advice to make sure when they give the advice and offer to help you that they are actually licensed in the state where your property is. It seems the advice you are getting or may have received in the past comes from those who can't originate loans in Wisconsin! I am sure GregG who just posted here will agree! We are both with Federally Chartered Banks and can originate loans in all 50 States. The theory of big banks don't apply in most cases as it may be more of a sales pitch because those who are telling you don't use big banks, don't actually work for big banks. Our bank isn't considered a big bank and I doubt GregG's isn't either. Big Banks would be Wells Fargo, Chase, and BOA, who would be the largest banks in the country!

Let's discuss the details offline. Email me so we can get more information to see if we can help!

Hi Brett...First, I am a seasoned loan officer representing a federally chartered bank licensed in 50 states. As such, I am licensed to do loans in WI for all programs, including FHA. Second, as to your situation, if you mean consolidate your loan and your boyfriends together on a single loan, you can't do that. Each home need to be financed individually. Each is a separate legal entity. Each of your rates are high and probably could be lowered depending on your credit and other factors. Third, in spite of your downpayment, it is probable you are underwater and thus may qualify for a HARP loan. Lastly, I'm familiar with Rhinelander and since the properties probably "cash-flow," had you considered renting them and upgrading? Now's the time. What Ii would do with you is present you with a complete suite of options with the associated costs. I can be reached at 888-GREG-1ST (888-473-4178) or by means of e-mail at GregG@888GREG1ST.COM. Hope to hear from you. Greg

See A Local Loan Officer to help you.