can i refinance my second mortgage

Q: My first mortgage is $256K, and my second lien is $74K. I’m not sure what the house goes for now, but I want to refi my second mortgage into a lower interest rate and payment. A: You may be able to refinance your second mortgage. Given home price declines, your best bet might be to contact the existing holder of the second mortgage.

Owners of vacation homes are discovering low rates and easier qualification standards for second home refinances. Get cash out, lower your rate, and make your vacation residence more affordable.

Second Mortgage Default – Will they foreclose? They are offering to settle. My second mortgage company did a charge off, but I’m current on my first. How can you assist me to stop foreclosure? I owe $105,000 on my second. My.

Yes, you can refinance a second mortgage. Assuming you have good credit and your mortgage payments have been consistent, you should be able to refinance your second mortgage without a problem. The process is the same as getting any other mortgage, so just make sure you review all offers and choose the best one for you.

Refinancing your second mortgage could help you secure a lower monthly payment. A home equity line of credit and a home equity loan are two options that homeowners have for second mortgage loans.

Can i refinance my second mortgage? | Yahoo Answers – my second mortgage is a 15 year conv. 2nd balloon at 8.6% 53k i owe 290k on my 1st loan at 5.75%(30 year) i dont think i will remain in the house more then 10 years, so i dont think its worth to refinance both loans together and if i did my ltv will be too high. my house would appraise for around 380k and thats about what i would refinance for.

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A Consumer's Guide to Mortgage Refinancings – Tip: Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.

Home equity is essential to refinance a second property. You will need to have equity in your property to refinance it — plan on at least 20 percent, says Matt Hackett, mortgage risk manager at Equity Now. The home must appraise for an amount that is high enough to allow an acceptable loan-to-value ratio, he says.

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