Consolidating two mortgages Adult dating sqamish
Consolidation is not a magic bullet that gets you out of hot water or causes your creditors to disappear.
It's a financial tool that can be used judiciously to give financially strapped borrowers a little breathing room.
Should that happen, your first mortgage has priority and that loan would be paid off before any funds go towards the second mortgage.
As a result, second mortgages come with higher interest rates than first mortgages.
By consolidating, you may be able to replace your three monthly bills with one payment carrying a minimum monthly obligation of about 5 - 0.
As you can see, this is considerably less daunting.
However, this financial breathing room comes with a price.
A lower monthly payment means you'll be paying more interest in the long run.
In other words, you'll owe money longer and make your lender rich in the process.