Refinance or Second Mortgage? Combining 1st & 2nd Mortgages Together
By Lynda Nelms

MyLoanQuote.com connects you with loan brokers and mortgage lenders so you can combine all of your mortgages together for increased monthly savings.  If you recently bought your home with 80-20 loans then you may want to think about combining the 1st and 2nd mortgage into one reduced payment.  Refinancing your existing second mortgage is simple. Most refinance and home equity loans can be closed within two to three weeks. Many borrowers have credit that might be considered less than perfect credit, but that doesn’t mean that you don’t want to refinance your mortgages together and save money. For live home equity loan advice, call us toll free at 877-818-6700.

In a recent article written by Lynda Nelms, she discusses a conversation with one of her clients which loan was best for him. The client asks Mrs. Nelms, which choice was better, 1. Refinancing his first and second mortgages into one new 1st loan… 2. Take out a new 2nd mortgage that extends above the value of his home. Of course the interest rate will be much higher on the second choice because it is a stand-alone 2nd mortgages that goes beyond 100% of the clients home value. Apparently, the client had consolidated his credit card debts years earlier with a fixed rate loan but had inquired about his developing refinance options due to his house value that had increased its value significantly over the last few years. Now the client appeared to be below the 100% threshold, so the best time to consolidate the 1st and 2nd mortgages together seemed to be now.

Lynda Nelms explained that in her client's case, the best option was to leave his first mortgage alone, and simply refinance the high rate 2nd mortgage into another loan at 95-100% ltv. Nelms proceeded to remind us that there are good times to refinance first and second mortgages together, but that it is not always a “no brainer.” She suggests evaluating your unique circumstances with an experienced professional who had access to good 1st and 2nd mortgage programs like they do at BD Nationwide.

Lynda Nelms writes a popular column, called "Ask Lynda" where she offers helpful home financing tips to consumers from an experienced loan officer's perspective. She wrote a few popular articles in 2004 & 2005 for http://www.MortgageLoanOutlet.com and she continues to pass her advice to other finance related sources.

Currently, Lynda originates loans for BD Nationwide Mortgage, who is located in San Diego, California. You can read more of her "Ask Lynda?" articles at http://www.bdnationwidemortgage.com and get more information about home equity and second mortgage loans.

For a complete look at 2nd mortgages please go to http://www.bdnationwidemortgage.com/home-equity-loan.html

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