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When you take a second mortgage, you borrow from the equity you've built up in your home ? in other words, the difference between the value of your home and the remaining balance on your first mortgage. Homeowners typically access equity by taking a home equity loan or a home equity line of credit (HELOC).
Mortgage consolidation gives you the option of merging multiple loans into one. It's a good way for some people to save money or get a little more breathing room in their monthly payments. Learn more about the mortgage consolidation process and see if it's right for you.
Porting a mortgage ? transferring an existing loan to a different property ? is relatively common in Canada and the United Kingdom but rare in the United States. In any jurisdiction, porting can only happen if the lender allows it and, especially in America, few lenders will approve porting.
One benefit of consolidating your mortgages is that it can result in lower monthly payments and even reduce your loan rate. Plus, many people find that refinancing their first and second mortgage together adds more structure and organization to their financial life.
Quick Reference. The right of a mortgagee who has taken mortgages on two or more properties from the same mortagor to require the mortgagor to redeem all of the mortgages or none, provided that the contractual date of redemption (see power of sale) for all of them has passed.
Legally, there isn't a limit on how many times you can refinance your home loan. However, mortgage lenders do have a few mortgage refinance requirements you'll need to meet each time you apply for a loan, and some special considerations are important to note if you want a cash-out refinance.