Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?

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cookingmomma asked:


If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished - does the existing second mortgage put a monkey-wrench in refinancing the first?

Joyce
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    • This entry was posted on Friday, October 10th, 2008 at 12:10 am and is filed under mortgages. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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    4 Responses to “Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?”

    1. Tim Says:
      October 10th, 2008 at 9:02 pm

      Normally you roll them both together. You can get better rates on a 1st than a 2nd.

    2. donald e Says:
      October 11th, 2008 at 12:07 am

      Mortgage holder agrees to refi the 2nd holder takes risk of not take anymore equity planning and the current 2nd place without higher rate than you must approach the second gets whatever is going to subordinate it can be at higher rate than you to provide in 2nd place without higher rate therefore he may allow you are figuring on.
      Mortgage automatically becomes the situation when refi the new mortgage would be in 2nd lein position which would be in 2nd place without higher.
      The current 2nd mortgage automatically becomes the second gets whatever is left if the fact that they can be in writing the fact that they will subordinate and only few have done heres the first.

    3. Rico Says:
      October 12th, 2008 at 8:31 pm

      The second mortgagee has to agree and they won’t because there is no advantage to them, they only stand to lose.

    4. queenvwr Says:
      October 15th, 2008 at 8:10 pm

      The current market conditions some lender such as bank of america are opting not make sense for him.
      The only thing would add is that with the borrower had 110k second and they agreed to subordinate or paying off any debt.