The Mortgage Brothers Show

There’s a whole industry built on trying to help people through bankruptcies and debt consolidation. They have a whole strategy to take all your debt bundled together and help you renegotiate payments. But we’re talking about something very different: refinancing. This comes into play when borrowers have reasonable debt, and they want a structure it inside of a mortgage. They want to take the debt from a car or maybe credit cards, or a home equity line of credit (or HELOC) and combine it.

Often times we’ll get borrowers calling us asking what an escrow account is for and if it is a “Good” OR “Bad” thing to have one on a mortgage. We figured we’d dig in a bit and help people get oriented. First off, escrow refers to an arrangement in which a third party temporarily holds a sum of money or property until a particular condition has been met. Now, let’s dive in.

We get asked this question all the time, but it’s not always in these exact words. Sometimes it’s: How many mortgages can I get on my home? or How many can you just stack? Oftentimes, it’s people simply wondering if they can get another line of credit. They’re thinking of it that way rather than as in terms of positions.