Can You Refinance A First Mortgage And Not The Second

As mentioned above you would need subordination permission from your 2nd mortgage lender. That s because the second mortgage holder which is legally entitled to move into first place when the first mortgage is refinanced has to agree to give up that spot to the refi lender. In fact you can refinance your mortgage with any lender willing to refinance it.

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It is not that simple when you have a 2 nd mortgage there.

Can you refinance a first mortgage and not the second. Most of the time they will not allow cash out for any reason saving 400 mo refinancing your mortgage would require a pretty large loan with a pretty high current int rate however. You don t have to refinance your first mortgage with the same lender. If you don t think your heloc lender will. By kimberlee leonard updated july 18 2017 it is possible to refinance first and second mortgages combining them into one.

That second mortgage actually takes first lien position when you pay off your first mortgage. With just a first mortgage you pay off the first mortgage and take on a new one. If interest rates have gone down since you initially took out the second mortgage it may make sense to refinance to a lower rate. There are a number of reasons why a homeowner may choose to do so.

Hello yes you can refinance your 1st mortgage and leave your 2nd alone. Just as you can refinance a first mortgage you can refinance a second mortgage. Approval is contingent on the age of the second and how much equity is in. Refinancing becomes a little more complicated when you have a second mortgage.

Interest rates have gone down.