Q&A: Is it possible to refinance a 2nd mortgage, and not touch the 1st?

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,

Best answer:

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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2 Responses to Q&A: Is it possible to refinance a 2nd mortgage, and not touch the 1st?

  1. Big daddy says:

    its possible, but if your in cali, I’d have to say your fighting an uphill battle. Most lenders will not refi the home equity if the total loan to value exceeds 90%, some are going as low as 85% if they havn’t shut the home equity off completely. Your in a location that is making lenders very nervous right now and if you have lost value (equity) in the home you’ve got a problem. You should also think about the entire situation and stop thinking solely about the 4.75 rate on the first because it’s really not doing you that much good if your paying 11% on the second, not to mention if you have any credit card debt. I would think about possibly wrapping everything into a 15 year loan because when you compare them, you would probably make the same payment and save thousands on the back end. The big question for you is what is your total outstanding loan amount (1st and 2nd) divided by your appraised value, if your under 90%, you have a shot, if not, you need to take a hard, honest look at your entire financial situation, especially if you owe a lot on the 2nd because your just throwing money away

  2. Charles97 says:

    yes you can. Just apply to refinance your second mortgage only. Shop on this site for low rate and fee.


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