Can I Refinance to Combine My First and Second Mortgage Loan. – This is where the second mortgage comes into the picture. The home buyer might put, say, 5% down on the house. Then they’ll get an 80% loan from one lender and a second loan for the remaining 15%. They now have a first and second mortgage on their home. How to Refinance First and Second Mortgages. Now to the question at hand.
Refinance When You Have A 2nd Mortgage – Bankrate.com – It’s not easy to refinance a second mortgage when you have a home equity loan or line of credit.. to move into first place when the first mortgage is refinanced, has to agree to give up that.
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How Do I Refinance with HARP if I have a Second Mortgage? – You’ll need to subordinate the 2nd mortgage under the new HARP refinance. Subordinating is basically getting a document from the current 2nd mortgage holder saying they agree to go back into 2nd position when the new 1st mortgage is complete. Your lender will take care of getting this for you. Lately, second mortgage lenders have been pretty.
Combining Your First and Second Mortgage | Accunet Mortgage – Combining your first and second mortgage can decrease monthly payments and interest rates substantially. Accunet can calculate your current finances and help you determine how much you’ll see in savings by combining both mortgages into one new mortgage. One benefit of consolidating your mortgages is that it can result in lower monthly payments and even reduce your loan rate.
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Can I Combine My First Mortgage And Home Equity Line of. – · My first mortgage has a rate of 5 percent fixed for 30 years and the home equity line of credit is prime plus 1 percent. I have been paying my loans on time, without any late payments. I called my lender to ask whether I could combine the loans or refinance them into one loan and I was told that I could not.
Refinancing when you have an existing Second Mortgage or HELOC – When you refinance your first mortgage and you have an existing second mortgage, the new mortgage will have a recording date that is after the existing second mortgage. Technically, that would put the second mortgage or HELOC in "first lien" position, which would not be allowed with the new lender.