After getting married, we now have 2 house payments, and are having a tough time selling my wife's former residence. Short of renting, what is a smart way to handle making this house payment? Refinance?What is the best way to combine mortgage payments for 2 houses?
Well how much is owed?
What's the value of the home you'rel living in?
Have you considered dropping the price just to move the house?
IF you had sufficient equity in your home you might be able to refi it all into your home, or use a HELOC from your home to pay it off, then when it sells pay off the HELOC.
If the two loans are large enough you might be able to apply for a jumbo loan (but these a big hit at the end of last year, so you might have trouble getting one). Since now you only have one large loan it's only one payment. You might have troubles arrise when you sell the second home.
I would suggest this more if you were going to rent out the second home. That way their rent pays a large part of the monthly payment.What is the best way to combine mortgage payments for 2 houses?
What would be the sense of re-financing? Lower the price of the second house.
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