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Refinance 1st and 2nd Mortgage Loans Together for Better Rates & Savings!
Get the Latest Refinance Tips
from Lynda Nelms, Who Brings Experience to Your Loans!
In the twilight of the biggest refinance boom of the 21st century, many homeowners face two or three mortgage loans with adjustable interest rates rising almost as fast as home values are declining. This poses a significant risk, because many borrowers have home loans they can not presently afford and traditional lenders no longer offer refinance solutions because the lending guidelines have tightened dramatically. Our lenders at Nationwide provide refinancing solutions with home loan consolidation that enable you to combine 1st and 2nd mortgages together for lower monthly payments.
From 2004 to 2006 it was very common for consumers to purchase homes with no money down with 80-20 loans that carried variable interest rates. In the past, when borrower's loans hit the adjustment period, they refinanced into a new loan usually with a fixed mortgage rate.
In most cases people who took out 80-20 loans in 2005 or 2006 have little or no options for refinancing the original purchase money mortgages.
According to Paul Proffitt, a lender with of Community First Bank, "FHA mortgage loans offer the only opportunity for thousands of homeowners who have no equity in their home. With FHA mortgages you only need 3-5% equity in your home if your mortgage payments were paid on time the last year." Hopefully the conforming and subprime loan programs will be revived and homeowners will have more refinancing choices available again.
Find the best FHA home loan in your state 2008 FHA Mortgage Loan Limits.
10 Considerations for Refinancing a Home Equity Loan
Making the decision to refinance a 1st home loan or 2nd mortgage is an important choice which should involve wise counsel that uncovers significant benefits.
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Loan Comparison Calculator
This calculator will help you to compare the total mortgage interest charges of several types of refinance loans.
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