Q. Is it possible to add the balance on a home equity loan to my mortgage without refinancing?

A. Nope. You can roll the balance on a home equity loan into your primary mortgage, but you must refinance to do it.

The bank or mortgage company holding your primary mortgage won't assume the additional debt without making sure that your home is worth enough to serve as collateral and you have the financial wherewithal to pay back the new and bigger loan.

You'd have to go through a refinancing so that your home could be assessed and your income and other debts could be reviewed.

Our refinancing calculator will allow you to see how much you'd save and whether a refinancing makes sense.

The biggest problem for most borrowers trying to do this is that they don't have enough equity.

Most lenders won't refinance your mortgage unless you have 20% equity in your home -- a particularly tough criterion to meet if you live in an area where property values have fallen 20% or more.

(To calculate your equity percentage: Subtract the balance on your existing mortgage from your home's current value and divide the difference by the current value.)

You can overcome that problem by applying for one of the federal government's three big loan programs. You'll need:

• Just 5% equity to qualify for an FHA loan.
• Zero equity to qualify for a VA loan.

Take a look at our advice on refinancing in a recession for more help.