Should I refinance and consolidate loan for rental property and MIL home?

November 28th, 2009 | by admin |

We have a small rental property (6% interest) and we signed for our MIL a home (8%, but she pays us for the monthly payment). We know that if anything happens to her, we would be responsible for the balance, or we could turn it into another rental.
With the current rock bottom rates and the fact that we have 30% equity in our home, should we refinance to combine all these into one large payment?

Nope. You cannot combine loans for two seperate properties.

  1. 3 Responses to “Should I refinance and consolidate loan for rental property and MIL home?”

  2. By Ed Atun on Nov 29, 2009 | Reply

    No. As long as there is the chance for the new President to lower the mortgage rates to 3.5%, you should wait. He could subsidize the loans as part of the bailout money. It would be better spent on mortgages than giving it to banks..
    References :

  3. By src50 on Nov 29, 2009 | Reply

    No. You are putting your principal residence at risk by doing that.
    References :

  4. By Ace on Nov 29, 2009 | Reply

    Nope. You cannot combine loans for two seperate properties.
    References :

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