Need advice on refinance 2nd mortgage ONLY?

One Response to “Need advice on refinance 2nd mortgage ONLY?”

1. bull_rooster_aardvark says:

   September 15, 2010 at 3:05 am

   Yes, you should be able to refinance the second, but being a second it will probably have a higher interest rate than the first (less secure). If you wanted to refinance the first you would have trouble and this would move the first out of first position (ie the 2nd would move ahead of the 1st) so this would cost alot, but to just refinance the 2nd should be ok.

   Now would be a good time to refinance as its likely interest rates will go up pretty soon (maybe way up) so locking in a pretty good rate now is a good idea, assuming you can handle the payments of the 2 mortgages together (but it will cost you a few 1000 dollars to do the refi – the price you must pay).

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