2 homes with 2 mortgages (and 1 equity loan) should we refi to one jumbo mortgage?

Refinancing income properties is always a bit more of a challenge but you should definitely look into options because you'll likely see some significant savings and improved cash flow. The income from the two properties will count as income based on how it shows on your tax return. I am not licensed on NY but there is someone in one of our offices there I could refer you to if desired.

I would say to refinance with the above rates posted.The question is whether there is enough equity to do one loan and enough claimed income to stay within the debt ratio guidelines.Call us or email us at 800-991-5309 or Team@BestMortgageOption.com for a no cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

Anytime the average person can lower the total payment, it probably makes sense... But really only if you keep the same, or lower terms. For example, based on the two loans you indicate, I wouldn't go more than a new 20-year loan. www.SaintPaulMortgageBroker.com

You should refi both properties, but I'm not sure going with one jumbo loan would be the best way to go.. so without knowing all the details, it's hard to say.. The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. once they see the complete details of your loan scenario, only then will someone be able to properly advise you.. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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