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Consolidate 2nd Mortgage in First - means that you consolidate your existing second mortgage by doing a cash-out refinance on your first mortgage, leaving non-mortgage debt as it is.
For an exact penalty calculation, contact your lender directly.
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May 6, 2002, Revised December 1, 2006, Reviewed July 12, 2007, March 30, 2009, March 2, 2011 Whether or not to consolidate debt is a complicated question.
To help in answering it, I have developed three debt consolidation calculators designed for three categories of borrowers: *1a, Debt Consolidation Calculator For Home Purchasers, is for those about to purchase a house who may want to consolidate non-mortgage debt in the purchase mortgage.Refinancing or taking out a home equity loan or line of credit may increase the total number of monthly payments and the total amount paid when comparing to your current situation.