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Home Loans and Mortgages - Time to Consolidate Loans?


Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes - home improvement, debt consolidation, vacations, and more. The loans, backed by the value of the house itself, come with attractive interest rates and the added bonus of tax deductible interest. That interest, however, is often variable, adjusting up and down with changes in market conditions. At the moment, conditions are such that interest rates for adjustable rate loans are increasing while rates for fixed-rate loans are still fairly stable. This is probably a good time for homeowners with variable rate equity loans to consider consolidating their primary mortgage and home equity loan into a single entity.

The ideal candidate for such a consolidation would be a homeowner who has a variable rate home equity loan, rather than a line of credit or an equity loan at a fixed rate. A line of credit is sort of a revolving loan, with an amount that may be drawn, as needed, time and again, much like a credit card loan. A home equity loan would represent a fixed amount of money borrowed for a specific length of time. To consolidate a home equity loan and a primary mortgage, the home would have to be refinanced with a new mortgage issued for the combined amounts of both loans. There are costs associated with this, so homeowners should consider the following:

  • Refinancing costs - It may cost several thousand dollars to combine two loans into one. A home appraisal will be required, along with paperwork fees, filing fees, and possible points paid at closing. A homeowner should make sure that he or she will remain in the home long enough to offset the additional costs of refinancing, otherwise the savings of consolidation are lost.
  • Interest rate on the primary mortgage - If you have financed or refinanced your home during the last three years, your primary mortgage rate may already be lower than the rate you could get today. You don't want to raise your overall interest rate just to consolidate the smaller amount of money from a home equity loan.
  • The amount of money owed on the home equity loan - The larger the amount of money owed on the equity loan, the greater the benefit of consolidation. You wouldn't want to refinance your home over an equity loan balance of $1000, but you might want to do so if the balance is $50,000.

Market conditions change regularly, but now is a good time for anyone with a variable rate home equity loan with a considerable balance to consider consolidating the equity loan and the primary mortgage into a single loan. If you aren't sure if you can benefit from this, you may wish to consult with your lender.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans .


TODAYS NEWS BY OFFICEJAX FREE ADVERTISING AND AD EXCHANGE SOLUTIONSMORE RESOURCES updated Mon. June / 24 / 2019

Buying or refinancing? The mortgage rate frenzy is back  STLtoday.com

Average rates are around 3.82% nationally for 30-year-fixed mortgages, after peaking near 5% in November.


4 irresistible perks of a VA mortgage refinance  Bankrate.com

Interest rates are near historic lows, and one particular VA loan refinance option that is easy to qualify for can enable homeowners to save thousands on their ...


If You Ever Want To Retire, Here's The Best Way To Refinance Your Mortgage  Forbes

The usual reasons to refinance are to reduce the monthly payment or to raise cash. The third option, which is under-appreciated, is to shorten the period of ...


As rates drop, mortgage refinancing surges but home purchase loans remain tepid  USA TODAY

Homeowners scramble to refinance mortgages as rates hit the lowest level in 17 months. But mortgage applications for home purchase rose just 0.5%.


Mortgage Rates Drop Again -- Homeowners Can Save Hundreds Per Month By Refinancing  Forbes

Mortgage rates are continuing their downward spiral. According to Freddie Mac, the average rate on a 30-year fixed-rate loan has dropped to just 3.82%—down ...


Mortgage rates poised to drop after Federal Reserve announcement  The Washington Post

Mortgage rates showed little change heading into the Federal Reserve meeting. But now that the central bank has revised its stance, they could be headed ...


As mortgage rates plunge, should you refinance?  Fox Business

Nearly 6 million people can now cut their mortgage payments with refinancing.


Your money: Buying or refinancing? The mortgage rate frenzy is back  Reuters

Mortgage rates are nearing historic lows again in the United States, making it an ideal time to buy a home - or refinance.


Refinance rates drop off for Wednesday  Bankrate.com

Several closely watched refinance rates fell today. See what that means for your chances of getting a better mortgage rate.


U.S Mortgage Rates – Rates Rise for the 1st Time in 7-Weeks  Yahoo Finance

30-year fixed mortgage rates rose for the 1st time in 7-weeks. The latest FOMC projections and rising geopolitical risk could reverse that with interest…


Mortgage rates are falling—here's how to tell if you could save money by refinancing  CNBC

As mortgage interest rates drop, homeowners could save hundreds per month by refinancing. However, it's not a smart financial decision for everyone.


Mortgage rates predicted to fall to "the lowest they've ever been" | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Mortgage rates fell to 3.84% in mid-June according to Freddie Mac, but could they go lower? A lot lower? Even the lowest they've been in 50 years? Mortgage ...


Nearly 6 million people can now cut their mortgage payments with refinancing  The Gazette

The average interest for 30-year fixed-rate mortgages is nearing 4 percent again, ushering the way for millions more homeowners to save money by refinancing.


As mortgage rates plunge, millions more homeowners can benefit from refinancing  CNBC

There are now about 5.9 million borrowers who could see their rates drop by at least 75 basis points by refinancing their mortgages.


Refinance rates decline for Thursday  Bankrate.com

Several key refinance rates sunk lower today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down. The average rate on ...


Weekly mortgage applications fall as rates rise, volume remains much higher than last year  CNBC

Mortgage applications were down 3.4% from the previous week, but still up 31.6% from a year earlier, according to the Mortgage Bankers Association.


Mortgage rates today, June 21, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Average mortgage rates tumbled yesterday. It's been a while since we saw a fall this big and a long time since we saw rates this low. This happy situation may ...


How low can mortgage rates go? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Mortgage rates are low as of this writing, really low, but can they go lower? Lower rates would be great for borrowers and yes, that could happen.


Guild Mortgage launches refi program for Airbnb hosts  HousingWire

Guild Mortgage has partnered with Airbnb to launch a refinance program for property owners who host guests through the Airbnb platform. The program allows ...


Refinance rates tick lower for Friday  Bankrate.com

Multiple benchmark refinance rates ticked downward today. Average rates nationwide for 30-year fixed and 15-year fixed refinances both trended down.


Refinance rates drop off for Thursday  Bankrate.com

Multiple closely watched refinance rates ticked downward today. See what that means for you if you're in the market for a mortgage.


Latest 2019-2021 Predictions: Home Sales & Prices, Mortgage Rates & Loan Volume  Yahoo Finance

Last week, our friends at the MBA released their latest predictions on home sales, home prices, mortgage rates, and mortgage volumes. Rates dropping this year ...


Interest rates are down, so is it time to refinance?  WTOP

Interest rates for mortgages are low __ really low. As of the first week of June, long-term mortgage rates were down for the sixth consecutive week. The 30-year ...


Refinance mortgage rate moves higher for Friday  Bankrate.com

Refinance rates were mixed, but one key rate were higher. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


When Mortgage Refinancing Makes Sense  Seeking Alpha

There are many misconceptions about what happens with refinancing a mortgage and the effect on interest payments. The important factors are rate, time and ...


Mortgage rates today, June 17, 2019, plus lock recommendations | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

Average mortgage rates on Friday held steady, as we predicted. Last week had its ups and downs but ended with those rates almost exactly where they had ...


Mortgage rates decrease for Thursday  Bankrate.com

Multiple benchmark mortgage rates trended down today. See how that could affect your home loan payments.


Nearly 6 Million People Can Now Cut Their Mortgage Payments With Refinancing |  RisMedia.com

With interest on the low side, there is a potential to refinance and save.


Airbnb adds another mortgage refinancing partner  Inman.com

Guild Mortgage has become the latest home loan provider to treat short-term rental revenue from Airbnb as income for homeowners applying to refinance their ...


Refinance rates retreat for Monday  Bankrate.com

Several closely watched refinance rates fell today. If you're in the market for a home loan, see how your payments might be affected.


Mortgage refinance candidates swelled by 2 million in May  National Mortgage News

The most borrowers in three years currently qualify for refinancing as the average for the 30-year fixed-rate mortgage dropped below 4% for the first time in over ...


Refinance rates tick lower for Thursday  Bankrate.com

Several closely watched refinance rates sunk lower today. If you're in the market for a home loan, see what that means for you.


Mortgage investors' refinance concerns rise with rate rally  National Mortgage News

Mortgage prepayment speeds may rise with the strong U.S. rate rally, and that may be cause for alarm for mortgage investors.


Freddie Mac is now offering renovation loans  Washington Post

Freddie Mac is joining the renovation loan space. While the Federal Housing Administration and Fannie Mae have had programs that allow borrowers to wrap ...


Should you get a personal loan instead of a HELOC or cash-out refinance? | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

So you want to borrow some money and you're not sure about the right type of loan. Should you get a personal loan, home equity loan, or opt for a cash-out ...


Mortgage Applications in US Dip in Mid-June  World Property Journal

According to the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending June 14, 2019, U.S. mortgage applications ...


Millennial refinances see jump amidst dropping mortgage rates | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

It seems Millennial homeowners are taking advantage of lower mortgage rates. According to new data, Millennial refinances have officially hit their highest point ...


Mortgage brokers want relationships, not just tech, from wholesalers  National Mortgage News

Real value comes from the wholesaler using a hands-on approach to ensure that a mortgage broker's customers are treated to the best experience for the life of ...


Mortgage rates move down for Wednesday  Bankrate.com

Multiple closely watched mortgage rates receded today. If you're in the market for a mortgage, see how your payments might be affected.


Mortgage Closing Rate Rises to Highest Level in at Least 16 Months  Mortgageorb

Despite falling mortgage rates, the refinance share of total mortgage volume fell to 32% of all loans in May, down from 35% in April and down from 38% in May ...


KENYA : Kenya Mortgage Refinance Company already attracting international funding  Africa Intelligence

One of the many projects in the in-tray of the treasury secretary Henry Rotich since April 2018, the creation of the Kenya Mortgage Refinance Co (KMRC) was ...


Freddie Mac announces fixer-upper mortgage | 2019-06-19  HousingWire

Freddie Mac is launching a new mortgage product that allows borrowers to buy a fixer-upper and finance the renovation all with one loan. Existing homeowners ...


New Freddie Mac Mortgage Combines Purchase and Reno Loans  National Mortgage Professional Magazine

Freddie Mac has introduced the CHOICERenovation loan, which is designed for homebuyers seeking to purchase a home and finance the cost of renovations ...


Mortgage market update 6-21  Atlanta Agent magazine

... from the previous week, according to the Mortgage Bankers Association, which was perhaps unsurprising considering the earlier report's record-high levels.


Debt-Saddled Millennials Are Rushing Into Home Ownership—And It's Costing Them  Fortune

Debt has come to serve as a defining trait for millennials—about 60% don't have enough savings to handle a $1,000 emergency bill—but a lack of education ...


Freddie Mac Launches New Home Renovation Program  Mortgageorb

Freddie Mac has launched a new home renovation loan program that allows home buyers to also finance the cost of renovations with a single-close mortgage.


Mortgages for Seniors: Everything You Need to Know  U.S News & World Report Money

If you're retired and applying for a home loan, you're more likely to submit information about your pension and your 401(K) than a W-2.


Guaranteed Rate Rolls Out VA Renovation Loans  Yahoo Finance

U.S. military veterans can now purchase homes and finance improvements to own the home of their dreams. CHICAGO, June 24, 2019 /PRNewswire/ ...


'Now Is The Time To Refinance': Low Mortgage Rates Cause Surge In Refinancing  Forbes

Last week's massive dip in mortgage rates apparently pushed homeowners into action. According to new data from the Mortgage Bankers Association, ...


Roostify teams up with HSBC Bank USA  Fintech Futures

The new digital home lending experience from HSBC Bank USA, a division of HSBC Group, will be powered by mortgagetech innovator, Roostify,


With mortgage rates at 2-year lows, here’s how to decide whether to refinance your home loan  MarketWatch

More people are pursuing refinances as mortgage rates have dropped.


Refinance mortgage rate ticks higher for Monday  Bankrate.com

Refinance rates were mixed, but one key rate notched higher. See what that means for you if you're in the market for a home loan.


Attorney Mayo Talks Law - Real Estate Closing Without an Attorney  Cape Cod Today

Whether purchasing a property, refinancing, getting a HELOC, or conveying realty in a private transaction, the decision whether or not to be represented by ...


Just Approved: Divorcee refinances, removes ex from mortgage and lowers her monthly bills  San Francisco Chronicle

Mortgage adviser: Brenda Wyatt. Property type: Single-family home in Lakeshore Terrace. Loan type: Conventional refinance. Purchase price: $670000.


Mortgage refinance boom goes bust as rates shift higher  CNBC

A turnaround in interest rates turned borrowers back on their heels last week, deflating a quick boom in refinance demand.


Refinance mortgage rate advances for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate floated higher. If you're shopping for a home loan, see what that means for you.


Serving an Untapped Borrower Community  Mortgageorb

BLOG VIEW: In today's tight purchase market, Veterans Affairs (VA) renovation loans can deliver a double, bottom-line benefit to lenders. *Service* members ...


BFS completes refinance facility for self-build  Mortgage Introducer

Bridging Finance Solutions (BFS) has completed a £114,000 loan to help a client finalise a self-built development project in Swansea. The first-time developer ...


Mortgage refinancing spree becomes a race against the clock  Bankrate.com

Some 2.43 million homeowners can reduce their mortgage interest rate by refinancing, according to a recent mortgage report by Black Knight, a mortgage data ...


Here Are Best And Worst Reasons To Refinance Your Mortgage  Bankrate.com

Whether you've owned your home for a short time or you've had your mortgage a bit longer, a mortgage refinance involves careful consideration. After all, you'll ...


Mortgage rates are low. Here's how to figure out if you should refinance  NBC News

Low mortgage rates have many people thinking about buying a new home or refinancing their current mortgage.


5 Signs It's Time To Refinance Your Mortgage  Forbes

You've probably heard that refinancing your mortgage can save you money. While that's true in many cases, refinancing needs be done at the right time in order ...


Refinance mortgage rates mixed for Monday  Bankrate.com

Refinance rates were mixed today. If you haven't locked a refi yet, see how your future mortgage payments could be affected.


Refinance mortgage rate dips for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate declined. See what that means for you if you're in the market for a home loan.


Refinance mortgage rates mixed for Thursday  Bankrate.com

Multiple benchmark refinance rates were flat today. If you're in the market for a mortgage, see how your payments might be affected.


Existing Home Sales Rebound in May: Top 4 Housing Picks  Yahoo Finance

The housing space looks attractive as existing home sales improve from the last two months.


Refinance mortgage rate drops for Friday  Bankrate.com

Refinance rates were mixed, but one key rate ticked downward. If you're shopping for a refi, see how your future mortgage payments could be affected.


Refinance mortgage rate slides for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate declined. If you're in the market for a mortgage, see what that means for you.


What to consider before determining whether to refinance your mortgage  Washington Post

REAL ESTATE MATTERS | For a home-run refinance, try to find a deal that helps you do these four things: lower your interest rate, shorten your loan term, lower ...


Cash-out mortgage refinancing: Here’s where homeowners are using it most  Bankrate.com

Homeowners who snagged a low-interest mortgage in recent years generally avoid refinancing the loan because interest rates are higher now. When they need ...


Refinance mortgage rates mixed for Saturday  Bankrate.com

Refinance rates were mixed today. See what that means for you if you're in the market for a mortgage.


Statewide Survey Finds Public Sides With Gov. Evers on Education Issues  One Wisconsin Now

Key findings include a majority of voters trust Gov. Evers and Democrats versus Republicans on education issues.


Refinance Your Mortgage Quickly: Prequalify in Just 3 Minutes  Credible News

Let us do the heavy lifting for you. Compare rates from multiple lenders with no impact to your credit score. Refinance your mortgage with peace of mind.


Refinance mortgage rate drops for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate trended down. If you're shopping for a refi, see how that could affect you.


Refinance mortgage rate slides for Friday  Bankrate.com

Refinance rates were mixed, but one key rate sunk lower. See what that means for your chances of scoring a killer refi rate.


Mortgage refinance checklist: what you need to refinance your home | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

This handy mortgage refinance checklist tells you what you need to do before refinancing. Get your paperwork in order and know your refinance goals to speed ...


Refinance mortgage rate ratchets higher for Tuesday  Bankrate.com

Refinance rates were mixed, but one key rate climbed higher. See what that means for you if you're in the market for a home loan.


Did you refinance your home mortgage last year? You can still qualify for often-overlooked deductions  MarketWatch

f you refinanced your home mortgage last year, you may be in line for some often-overlooked tax deductions on your yet-to-be-filed 2018 Form 1040.


Mortgage refinance applications hit 18-year low  CNBC

Mortgage refinance applications hit an 18-year low. With no major move in interest rates and continued weakness in home affordability, there was not a lot of ...


Refinance mortgage rate eases for Monday  Bankrate.com

Refinance rates were mixed, but one key rate slid lower. See what that means for you if you're in the market for a home loan.


Refinance mortgage rate ticks higher for Saturday  Bankrate.com

Refinance rates were mixed, but one key rate increased. If you're shopping for a mortgage, see how your payments might be affected.


Refinance mortgage rate moves higher for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate were higher. See what that means for you if you're in the market for a mortgage.


Mortgage application increase led by higher refinance volume  National Mortgage News

Mortgage applications increased last week but unlike the prior period, it was driven by refinance volume as interest rates fell to a one-year low, according to the ...


Refinance rates tick lower for Monday  Bankrate.com

Several closely watched refinance rates dropped today. If you're shopping for a home loan, see what that means for you.


Refinance mortgage rate moves lower for Wednesday  Bankrate.com

Refinance rates were mixed, but one key rate fell. The average for a 30-year fixed-rate refinance trended down, but the average rate on a 15-year fixed refinance ...


Freddie Mac intros CHOICERenovation loan to fund renovations and fixer-uppers - RealtyBizNews: Real Estate News  RealtyBizNews

Freddie Mac has just announced a new mortgage offering aimed at those looking to finance fixer-uppers. The offering is also available to existing homeowners.


Rising mortgage rates again reduce refinance application volume  National Mortgage News

Higher interest rates cut refinance mortgage application volume and reduced overall activity even as the purchase index reached a nine-year high, according to ...


Mortgage rates trend down for Wednesday  Bankrate.com

Multiple key mortgage rates receded today. If you haven't locked yet, see how your future mortgage payments could be affected.


Refinance rates move higher for Wednesday  Bankrate.com

Multiple key refinance rates notched higher today. See what that means for your refinance.


What homebuyers and refinancers should know about timing mortgage rate movements  Bankrate.com

It's important to remember that you have options when it comes to your mortgage and trying to predict interest rate movements. The options, however, get more ...


Freddie Mac Enhanced Relief Refinance (FMERR) 2019 guidelines, rates, and benefits | Mortgage Rates, Mortgage News and Strategy  The Mortgage Reports

The Freddie Mac Relief Refinance Program (FMERR) allows homeowners to refinance with little or no home equity. Home value dropped since you purchased?


Foreclosure Listing Provider Earns Highest Rating from TopConsumerReviews.com  STL.News

OVERLAND PARK, KS (STL.News) – TopConsumerReviews.com recently gave a best-in-class 5 star rating to Auction, a leader among websites that help ...


Refinance rates rise for Friday  Bankrate.com

Multiple closely watched refinance rates notched higher today. See what that means for you if you're in the market for a home loan.


Refinance mortgage rates mixed for Tuesday  Bankrate.com

Refinance rates were mixed today. If you're in the market for a refi, see how that could affect you.


Still haven’t refinanced your mortgage? You still have an opportunity to save big  Bankrate.com

Mortgage rates seem to be the only thing that's affordable in today's low-inventory, high-priced housing market. This is good news for both homebuyers and ...


Refinance rates rise for Thursday  Bankrate.com

Multiple closely watched refinance rates trended upward today. If you're in the market for a refi, see how your future mortgage payments could be affected.


Mortgage refinance booms are a thing of the past: MBA chief economist  National Mortgage News

The era of plentiful refinance volume is over for the foreseeable future, because mortgage rates remained in a very narrow band for the past decade, said ...


Refinance rates trend higher for Monday  Bankrate.com

Several key refinance rates floated higher today. See what that means for you if you're in the market for a home loan.


Malibu Boats, Bed Bath, Disney, Verizon and Home Depot highlighted as Zacks Bull and Bear of the Day  Nasdaq

For Immediate ReleaseChicago, IL - June 24, 2019 - Zacks Equity Research Malibu Boats MBUU as the Bull of the Day, 3D Systems DDD as the Bear of the.


Refinance rates decline for Tuesday  Bankrate.com

Several closely watched refinance rates trended down today. See what that means for you if you're in the market for a mortgage.


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