Hi Mark, It all depends. Are you planning to combine both your first and second mortgages? If, so when you add them together, what do they total, and how does that compare to the value of your home? Many lenders will let you combine loans, but few are actually refinancing 2nd mortgages by themselves. Please feel comfortable giving me a call or shoot me an email so we can discuss your specific scenario, because you want the best advice for your situation. Rich 1-888-899-4537 or Rich@RMILending.com

Rates have gone down since you first asked this question, if you have not locked a rate yet you may want to consider doing so.

If you have equity in your house then yes I would recommend combining your 1st and 2nd mortgage. If you do not have equity then I would try and modify your 2nd mortgage into a lower fix rate. Your last option would to short sale your house so you can get into a more affordable house. There are some incentives out there for home owners. Call me and we can go over them.Marty 310-971-7444 or mborges@vestacapital.us

DEPENDS. Questions for you: 1. Does it make sense? 2.Are you able to refinance? Question1: Does it make sense. If the amount on your 2nd is fairly large so that a rate reduction makes sense in terms of cutting your mo9nthly payments. AND the current balance and rate on your 1st mortgage impacts your decision too. Finally, the type of 1st mortgage affects your decision too.Question2: Are you able to refinance? Do you have the equity so that you are able, under current quidelines, to actually refinance. If the current total combination of balances on your 1st and 2nd, exceed 80% you must have better than a 720 FICO score. If equity is below (including the refinance costs) you will be able to refinance.NOW to the critical parft of formulatting your decision. ALL refinances that include "cash out" (paying off a 2nd falls into this) are pricer than no-cash out refinancing.Regards,Bill Verostek

Rates are at all time lows, you should consider refinancing now. Gregorio Denny --WeFixRates.Com--