Question by Christine L: Is it possible to refinance a 2nd mortgage, and not touch the 1st?
I have a great fixed rate on my first mortgage 4 3/4%, however I am paying about 11% on my second. Are there any companies out there that will refinance only the 2nd? And how does equity come into play with this, the CA housing market is not that great! Not looking for cash out, just a lower monthly payment. If anyone knows a company that might work with us, please let me know. Thanks,
Answer by loanmasterone
Yes you simply refinance your second mortgage and not your first mortgage.
To find a local mortgage company that will do this you should look in your telephone book and call a local mortgage broker. Tell him that you are looking for a “Rate and Term” refinance of your second mortgage. This means that you will want to refinance your second but want no cash in your hand, you just want to lower your interest rate.
Once you speak with the mortgage broker he will tell you about the equity and other qualifications you will need in order to get this transaction done.
I hope this has been of some use to you, good luck.
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