It is possible to refinance first and second mortgages, combining them into one. Approval is contingent on the age of the second and how much equity is in the home. Refinancing to combine first.
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Can I refinance my first and second mortgages that are with US Bank? We owe $97000 on our first mortgage and $57000 on an equity loan. Both are with US Bank. The first is at 6.25% and the second is at 9.49%. We bought our home in 2004 and have always been current with payments. Are we eligible for.
When you have a second mortgage on the same home as your first mortgage, that’s called a home equity loan or a home equity line of credit. Home equity loans add an additional layer of complication to the process of refinancing. Remember, the second mortgage lender must agree to give up their position to the refinance lender.
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A second mortgage can also present a challenge when it comes to refinancing your primary mortgage. generally speaking, the oldest mortgage is the first lien. When a primary mortgage is refinanced, any 2nd mortgage becomes the new first lien unless it is resubordinated to the new primary loan.
Having a second mortgage or home equity line can make refinancing an underwater mortgage nearly impossible, but one of these five strategies might bail out your refinance. The mortgage market is awash in programs to help underwater home owners refinance, but if you have a second mortgage or a home.