Can you refinance a first mortgage without refinancing your second mortgage?

Question by helloisthatyou: Can you refinance a first mortgage without refinancing your second mortgage?

Best answer:

Answer by Big Rob
Only if you can go back in time!

Know better? Leave your own answer in the comments!

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7 Responses to Can you refinance a first mortgage without refinancing your second mortgage?

  1. John L says:

    not to sure.but you can call the mortgage company that you have the mortgage with and they should let you know.

  2. rhsaunders says:

    Only if the second lender agrees, and they probably won’t. The technical term is “subordination.” If the second lender won’t subordinate to a new first loan, you’re SOL.

  3. joe m says:

    Can you refi your 1st mortgage without refi your second?

    Yes, but in the event of a forced sale, the first creditor to receive money from the sale is the earliest mortgage company.
    Or in your case, the second mortgage company becomes first in line and now is the 1st mortgage Co. The First mortgage company becomes second by virtue of the later date.

    First can stay in first, if the second mortgage company subordinates to the first.

    In short, as a rule, the earliest in line gets the ticket to the concert.

  4. Mike M. says:

    usually not, unless your refi is with the same company as your second, then it is possible (of course there is a fee, and your credit must be spectacular) it will depend on what is happening with interest rates, if they will gain more, they will be more willing to help, if they will earn less I wouldn’t expect much assistance. I don’t see the benefit of a refi unless you combine the current first and second into one. Sounds like financial problems, speak to the bank or someone specifically about your needs before your in over your head

  5. Skip says:

    You can refinance your first mortgage without refinancing your second mortgage, however, your second mortgage must agree to subordinate to the new first as one of the people before me has indicated.

    Now why would you want to refinance your first mortgage and not your second mortgage? There must be a conflict with the first and you are tired of them or you are behind in payments with your first mortgage.

    It make more financial sense to refinance both the first and second thus lowering your combined interest rate, thereby saving you in the long run.

    If you insist on refiancing your first and not your second, for what reason would your second want to do this, it does them no good.

    About the only benefit I can see from you not paying off a second during a refinance is because you have a government silent 2nd. In most cases they will not subordinate unless there is a compleling reason for them to do so. If you have an emergency they will subordinate in most cases.

    I hope this has been of some use to you, good luck.

    “FIGHT ON”

  6. Gatsby216 says:

    Hello, Some info was OK, some was off the mark. If the second holder will agree to subordinate, then you can refi. They may use these factors to make the decision, length of time open, your payment history, current credit score, equity in property, amount you want on first mortgage, terms of new mortgage etc. If the lender for the second offers first mortgages that have similar terms that might be an option. Also as was mentioned, why not just pay off the first and second with the new first. Or you could write a new first and a new second. You probably would need to find a motgage broker for that deal, but it can be done.

  7. kevingeorgecampbell says:

    Yes, you can refinance your first and leave your second the same, so long as the second mortgage allows it. This is called the subordination of the second.

    Most secondary lenders will allow this if your not cashing out and if your first mortgage is not negative amortization. I, however have realtionshps with most major banks so I can negotiate with them to subordinate. If you’d like my help please feel free to call me on my cel phone at 818-800-2050 between 10-6pm PST

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