is it a good idea to combine first and second mortgages?

It depends on the current rates & terms of your loans, verses the new loan... weigh that against your long term financial goals and that will tell you. Like no two snowflakes are alike, same goes for this question.... id be happy to do a complete comparison to give you the data to make a good decision.

it depends on if your mortgages are from the same bank or not.. and what the terms are... sometimes 2nd;s are 10 or 20 year, so you need to weigh the odds .. linda

Possibly. 2nd mortgage rates often are higher. Or equity loans are usually interest only payments. Combining them often results in a lower overall payment. Is it better? it depends on how long you will be staying in that home. Calculate your monthly saving and dived that into you your costs. this will give your payback time to recoup your costs.

Not enough information to make and educated call, factors include current rates, years left of both mortgages and length of time you are looking to stay in the home will allow us to factor your break even point etc...

I would need more info to properly answer your question direct, but Typically, yes.. so long as you are within the Loan to Value ratios set by the lenders.. In most instances, your 2nd mortgage rate is higher than your first.. combining the two into a lower rate first mortgage makes all the sense in the world.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com