The burden of making two monthly mortgage payments has led many homeowners to consider refinancing their first mortgages and a loan in February.

The benefits associated with the combination of 1 and 2 mortgages

Apart from consolidating your mortgages and making one monthly payment, consolidate your monthly mortgage payments to the lender to reduce. If your first or 2 to the real estate mortgage loan interest rates began to fall, you’re probably paying an interest rate of at least two points above the current market rate. If so, will benefit from refinancing. Refinance a mortgage with low interest rate, you hundreds on your monthly mortgage payment.

Moreover, as a first mortgage and accepted with a 2 variable rate mortgage, refinance loans at a fixed rate, you can benefit in the long term. Even if your current prices are low, these rates are not guaranteed to remain low. Market trends fluctuated, your variable rate mortgages are released. Higher mortgage interest rates rise because of your mortgage payment significantly. Mortgage refinancing fixed rate will ensure that your mortgage remains predictable.

Disadvantages of refinancing the first mortgage and 2

Before choosing to refinance your mortgage, it is essential to consider the disadvantages of combining the two mortgages. The refinancing and consolidation loans, mortgages to pay higher interest rates.

Additionally, you can pay your refinancing two mortgages in your private mortgage insurance (PMI) of lead. To avoid paying private mortgage insurance can be treated separately homeowners refinancing mortgages, like the merging of two mortgages.