Consolidating two mortgages

Refinancing refers to satisfying a debt by making another loan on new terms.

The most common consumer refinancing is for a home mortgage, which generally involves paying off your existing mortgage and taking out a new mortgage.

But dishonest or "predatory" lenders do exist and engage in practices that increase the chances of borrowers losing their homes to foreclosure.

FROM THE MORTGAGE101 BLOG American homeowners are tapping their home equity again, with the cash-out share of refinances rising to its highest rate since 2008, according to data from Bla...

More Mortgage News It is important to understand the truth about home equity loans so that you don't run into future problems.

As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.

You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.

If that loan servicer changes, you will receive a separate notice.

For more information about servicing companies, read the Federal Trade Commission's publication "Mortgage Servicing: Making Sure Your Payments Count." Most mortgage professionals are trustworthy and provide a valuable service, helping you to buy or refinance your home.Lenders may not tell you the entire story when you seek to borrow on the equity of your home.Before you consider taking this step, consider the following information about home equity loans.So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.Additionally, you’ll get a new loan term ranging from 10 to 30 years.Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.

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