Can you refinance a 2nd mortgage?

Question

I bought my home with no money down:
1st mortgage 270K at 5.375%
2nd mortgage 93M at 8.625

Can i refinance the second without refinancing the first?
How can I do that?

It seems a lot of places won't just refinance the 2nd alone.

Thanks!

Answer 1

Yes you can refi your 2nd alone. however it would not be cost effective for you.
I highly suggest you refi both and combine the loan. That way you have only 1 loan to pay for, plus reduction of payment. Keep in mind that you do get a tax write-off for refinancing as well.
I have been in the business for over 10 years and own my own mortgage company.
Please check us out at www.1stcontinental.com for ligit information, then email me if interested at [e-mail].
P.S.
this guy "bostonian" who just answered before me sounds super skitso, and needs to relax b/c if someone offered to help and they knew your scenario, then why wouldn't you take the offer? If oppurtunity knocks, answer the door!
Talk soon!

Answer 2

You can refinance any mortgage you like, if someone will loan you the money. Rates on a second are always going to be higher than a first mortgage or a refinance of the entire amount. What you are probably running into is mortgage companies don't like to loan below a certain minimum amount. Your second may be below their minimum lending requirements (not that they won't do a second mortgage.) Also, your rates are not that bad in the current market.

What you might want to do is try to pay off that second as quickly as possible. That depends upon what other debt you have and at what rate. If you have no high interest debt (credit cards; car loans with a higher rate, etc.), then start adding any extra money you can to pay off the second as quickly as you can. Unless there was a fairly unscrupulous company, no second mortgage I've seen had any prepayment penalty. In the current market, without paying a significant amount of points, I don't see you getting a similar rate to your first.

Answer 3

It will ultimately depend on the current value of your home and your current credit score, sometimes a second mortgate or an equity line of credit will work best when you don't have much equity and your credit will not allow you to refinance for an amount that is close to 100% of your home's current value, sometimes the max is only 80 percent of your home's current value for a traditional refinance. The lending matrix for equity lines of credit is a bit different than traditional refinancing so the final yield (cash out) will be higher because it takes into account the future value of your home. Well atleast mine did. Your local banks are the best bet for equity lines. Hope that helps.

Answer 4

Yes you can do that, but unless you're value has gone up the interest rate will be about the same that you're currently at, and most likely you'll have to pay closing costs on the the refinance of the second.

Answer 5

You are not likely to be able to do it at a better interest rate then you have now. The second mortgage may not get all of their money if you default, although only a fool would default on a 5.37 loan.

Don't contact the predators posting here, they are very bad news.

Answer 6

You'll have to shop around; it might be possible.

BTW, don't waste your time contacting the scumbag spammers who post their "I can help!" garbage here. Most of them are scammers working out of Nigeria or Latvia or some other God-forsaken hellhole. Even if they're not, they're not bright enough to read the CG and TOS so would you REALLY want to trust them with a major item like a mortgage??

Answer 7

You should be able to do this - but there has to be agreement from the first mortgage lender.

Answer 8

No you can not do that. to put the two together is or is very close to a jumbo which are hard to get these days as well.

Answer 9

Yes, if you have good credit and enough equity, this is an easy loan.