can i refinance my second mortgage only

Yes, you can refinance a second mortgage. Assuming you have good credit and your mortgage payments have been consistent, you should be able to refinance your second mortgage without a problem. The process is the same as getting any other mortgage, so just make sure you review all offers and choose the best one for you.

heloc to pay off credit cards homes loans for low credit scores How is Your Credit Score Determined | Embrace Home Loans – A credit score uses a mathematical formula to calculate your loan risk. due items and accounts in delinquency will lower your credit score.A home equity line of credit is similar to a credit card in that you have a revolving line of credit that you can use, pay off, and use again. The difference is that most credit cards don’t require collateral, while a HELOC uses your home as collateral.best equity line of credit prequalify for a mortgage online Mortgage Pre-approval | navy federal credit Union – Understand the importance of getting a mortgage pre-approval before you start your house hunt, plus see what documents you need and what you can expect.home equity lines of credit on the rise – A homeowner in need of cash opens up a line of credit with the house as collateral. “It’s the home as piggy bank,” said Andrea Lee Negroni, a professor at the Washington College of Law at American.

This is especially true if the person who will have been on both mortgages can qualify for the mortgage by themselves. 11. Second Mortgage or Home Equity Loan If you have a second mortgage, a home equity loan, or a home equity line of credit (HELOC), you may be able to save a lot of money by refinancing that into your primary mortgage.

Second mortgage refinancing. You can refinance a second mortgage the same as you can a primary home loan. You simply take out a new loan and use it to pay off the old one at the same time. Second mortgage refinancing is particularly common with HELOCs, where borrowers refinance as their draw period is coming to an end.

When you refinance only the first mortgage, and the documents are recorded, the new lien gets recorded in 3rd position, behind the existing 1st & 2nd and the old 1st goes away. Now the second is first and the new first is second. The new lender won’t allow this, so the new mortgage company will require the existing 2nd lender to subordinate.

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Refinancing your second mortgage will take some effort and may include additional fees, so make sure that the refinance will be financially advantageous. If your main goal for refinancing is to pay off other debt, use BankRate’s mortgage debt consolidation calculator to find out if a refinance is a good option.

Whether you’re seeking a traditional or cash-out refinance, you may run into problems when you only want to refinance your first mortgage and keep a home equity loan. Due to lien position rules, your home equity lender must agree to resubordination so that the new loan will have priority.

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