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Can I refinance my first mortgage and my second mortgage?

I have one mortgage with one company and one mortgage with another company. can i refinance one without it affecting the other one? by jlaw_00632112 from Hansen, Idaho. Mar 27th 2015 Reply


Lisa Nash (lisa@crossroadsfunding.com)
#32 ranked lender in Idaho - 1 contribution

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Mar 27th 2015
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 568 contributions

Yes, you can refinance your first mortgage and do what we call subordinate the second. To subordinate means that the second agrees to stay in the second position when the first mortgage is refinanced. Most second mortgage companies will subordinate. The other option is to combine the first and the second into one loan. You can do that if your home will appraise for a loan big enough to pay off the first and the second. Hope that answers your question. I'm in Salt Lake City but have my mortgage license in Idaho because I love visiting. Linda Miller 801.550.1222 or linda@lindamillergroup.com

Mar 27th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Yes.. if they are both on the same property that one is a "Senior" loan, or 1st mortgage, and the other is a "Junior" loan, or 2nd mortgage, Heloc, etc.. the lender in 2nd position will have to subordinate.. but yes, you can refinance.. Depending on your equity position, it's even possible to refinance and combine both loans into one new loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 27th 2015
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