can you refinance a first mortgage and not the second

In 2017, state voters passed new laws affecting the Texas cash-out refinance loan. texas borrowers should take note of these friendlier rules. Among the changes: You can now refinance into a.

refinance rates 15 year Current Mortgage Rates for Refinance. Chase’s competitive mortgage rates are backed by an experienced staff of mortgage professionals. The interest rate table below is updated daily, Monday through Friday, to give you the most current rates when refinancing a home loan.pmi for fha loans Your loan has a 80% initial Loan to Value (LTV) ratio No PMI Required. It may allow you to buy a house with a much smaller down payment, as low as three to five percent of the price of the house instead of the more common 20 percent, making buying a house a sooner possibility for some.

You cannot refinance a 1st and 2nd mortgage together under the HARP 3.0, but in most cases, you can get your second mortgage lender to subordinate the junior loan. national association of Realtors "The Thirty Year mortgage with a fixed interest rate should continue to hover at record lows below 4% during 2012 and 2013."

When there is a second mortgage but the property has not appreciated, the borrower may be unable to refinance the first mortgage because of the second. "I have an 8% first mortgage with a balance of $122,000 and an 11% second for $28,000. My house is worth no more than $135,000.

Not now. Refinancing a second mortgage is typically much easier than refinancing a first mortgage and may result in a lower interest rate. Refinance your equity loan or line of credit in order to save money over the life of the loan or get cash back to fund home improvements or use for other purposes.

Instead, you should. good reasons to refinance can become bad if done at the wrong time,” Hardin says. Another option might be to get a home-equity loan or line of credit instead of a new first.

The 2nd mortgage gets its name form the fact that it’s lien is 2nd in line behind the 1st. When you refinance only the first mortgage, and the documents are recorded, the new lien gets recorded in 3rd position, behind the existing 1st & 2nd and the old 1st goes away. Now the second is first and the new first is second.

If you have a vacation home or investment property with an older, expensive mortgage, consider a refinance so you can take advantage of still historically low mortgage rates. At a time when financial constraints have forced some borrowers to sell second properties, refinancing can help make the property more affordable.

Refinancing and Second Mortgages When HARP first came out, second mortgage lenders often denied subordinations because the loan-to-value was too high. If your loan is not Fannie or Freddie owned, this will be a hard refinance to complete. It would be completely up to the owner of the loan as to whether they will offer you a refinance option. Hope this helps, and thanks for asking.