I have a first and second mortgage, can I refinance just the first?

Question by i w: I have a first and second mortgage, can I refinance just the first?
I want to keep my HELOC open and just refinance my ARM. Can this be done?

Best answer:

Answer by Tammy
Should be able to–check with Countrywide–their great!!

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3 Responses to I have a first and second mortgage, can I refinance just the first?

  1. Chris F says:

    Yeah you should be able to do this. And absolutely refinance the ARM. Those things can bite you in the long run…

  2. Henry R says:

    Yes you can and if you need some assistance in doing so I work for Hayhurst Mortgage give me a call and I could give you some figures. You can reach me at 305-672-0092 or by email at hrocco@hayhurstmortgage.com ask for Henry

  3. Eggolas M says:

    That depends upon the second mortgage holder.

    When you refinance your first mortgage, you are essentially paying it off. At that instant, the second mortgage becomes the first mortgage, unless the second mortgage holder agrees to subordinate to the new first mortgage.

    You will need to contact the second mortgage holder. Since a mortgage is involved, I would suggest that only a written response of permission would suffice.

    Believe it or not, some second mortgage holders categorically refuse to allow this, even when the first mortgage would be for the same outstanding amount and at a lower interest rate.

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