Single monthly payments for a primary and secondary home IS POSSIBLE. Here's how!
Do you own a primary and secondary home? Keeping up with two different mortgage payments each month can be a headache. And, if you take the risk of forgetting and one becomes late, it can have serious consequences on your credit and finances. What if you could combine your loan products into a single monthly payment?
You actually can! And, you can combine your loans without having to pay PMI, or Private Mortgage Insurance. Many lenders are willing to consolidate your two loans into a single, easy to make monthly payment. It can save you money and it can even be a fantastic time to change to a fixed rate mortgage from an adjustable rate mortgage. On the other hand, you can also switch a fixed rate product to an adjustable rate product if you feel it will save you money.
When you consolidate, you'll be glad to know that the process is quick and simple. You can consolidate the purchase of two homes into one payment right from the start or you can refinance two loans you currently have opened into a single monthly payment. However you choose to go about it, it can end up leading to significant savings for you if you had to take PMI out on one or both loans. When you consolidate, you won't need to pay PMI whatsoever.
Why you should consider consolidating
Consolidation is done for many reasons. The number one reason is simply convenience. Many people get overwhelmed by all the payments they already have to keep up with. In addition your primary mortgage and secondary mortgage, you also have to worry about utilities for both properties, everyday living expenses, and potentially car payments, other loans, credit cards, and so on. It's easy to be forgetful about all these due dates and end up paying something late.
By consolidating your two housing payments into a single monthly payment, you'll be able to take one more thing off your worried shoulders so that you don't have to remember to make two separate mortgage payments every month. By lump summing it into one easy payment, you'll find that it's easier to remember and much easier to take care of it and get it off your mind at the start of each month.
And, then there's the second biggest reason: savings! While consolidating your loans may not always be able to save you significant amounts of money, it can save you money since there is no PMI and since you're able to refinance both products into a fixed rate mortgage or an adjustable rate mortgage, depending on what works best for you. This can save you a good deal of money if you refinance at the right time, and it can even help bring down the interest rate on one or both of your loans.
Are you thinking about consolidating? Don’t hesitate to speak with a mortgage lender about the possibility of doing so. Not only will it save you money, it will save you a great deal of time and stress. Plus, no more PMI!