I live in Florida. I own the house that I live in. I also own a condo that I rent.?

Question

I currently pay 2 different mortage payments with 3rd Federal bank.

I would like to turn the 2 mortgages into one.

I want to turn my home equity variable loan into a LOW fixed rate.

How and where do I go about doing this?
Which companies offer the lowest rate?
How do I find these companies.

Serious replies only please.

Thanks - Curt

Answer 1

Always start with the banks or mortgage companies you already have relationship with. If you had a good record with them, you can negotiate for better rate, have closing fee waived, save on credit research and other fees.

If you do not find satisfactory rates with them, go to http://www.bankrate.com/ This site provides good consolidated interest rates information for all types of loan.

Best wishes.

Answer 2

When you do this, go to companies who are the actual lenders. Mortgage brokers aren't going to provide you with any service that you can't achieve on your own.

I have never heard of anyone combining two mortgages into one for two different properties. I have seen people with two mortgages on a SINGLE property refinance into one mortgage.

We used Chase Bank here in Dallas. I did not have a good experience with them but eventually the did get the deal done. I would call them as they can acutally fund the loan. It may come down to what your state laws are and if you can acutally have one loan on two properties. If you default on one does that mean you've defaulted on both? I'm really not sure as to whether you will find a good answer here about this topic. Better to call the bank.

Good Luck

Answer 3

You can't get one mortgage on two different properties.

As for your home equity loan, talk to your lender or to another bank to see what you can qualify for.