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Can I refinance my first mortgage only without refinancing the second mortgage I have on the hosue

by ChirstianPinot from Bend, Oregon. Jul 16th 2013 Reply


Adrielle Edwards (AdrielleEdwards)
#906 ranked lender in California - 96 contributions

Yes, this is no problem. They will just need to subordinate the second, meaning putting the new refinanced loan into first position above the older second.

Jul 16th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,656 contributions

Too much info missing.. which type of loan product do you have now? do you have equity? if you do, how much?... etc.. too much info missing to properly answer your question for your particular scenario.. but in general, yes.. you can refinance your first so long as your 2nd mortgage is willing to subordinate. Also, lenders have Loan to Value (LTV) requirements, as well as Combined Loan to Value (CLTV) requirements.. so if you don't have sufficient equity, and you don't have the right type of loan product to take advantage of any of the HARP refinance programs, you might not be able to refinance.. if you want to know for sure, you should reach out to a local mortgage broker and apply with them.. .. 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. 480-287-5714 WilliamAcres.com

Jul 16th 2013
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Lorne Harvey (lorneharvey)
#80 ranked lender in Washington - 431 contributions

You sure can refinance your first mortgage and leave the 2nd in place. It is called a subordination. I would be happy to help you with this.Feel free to give me a call at 509-386-5391.Thank you,Lorne HarveyAmerican Pacific Mortgage

Jul 16th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Yes you can, but the second lien holder will most likely have to approve the terms of the first before agreeing to subordinate. As long as you are doing a rate and term it shouldn't be a problem, but you'll want to see what conditions your second lien holder requires. I say this because sometimes they will only allow a flat dollar amount to be added to the principle of the first and in some states that means you will have to come to the table with money or need a lender credit to pay closing costs.

Jul 16th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,656 contributions

Too much info missing.. which type of loan product do you have now? do you have equity? if you do, how much?... etc.. too much info missing to properly answer your question for your particular scenario.. but in general, yes.. you can refinance your first so long as your 2nd mortgage is willing to subordinate. Also, lenders have Loan to Value (LTV) requirements, as well as Combined Loan to Value (CLTV) requirements.. so if you don't have sufficient equity, and you don't have the right type of loan product to take advantage of any of the HARP refinance programs, you might not be able to refinance.. if you want to know for sure, you should reach out to a local mortgage broker and apply with them.. .. 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. 480-287-5714 WilliamAcres.com

Jul 16th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Yes, with the cooperation of your second lender.

Jul 16th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

simple answer is yes.. but if you qualify

Jul 16th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

As noted by others, it could be possible, but there is a lot of information missing to make definitive answer possible.You should contact a local, licensed mortgage professional so they can go over your situation, and help find the right answer for you. You can findsome by clicking on "Community", then "Find a Lender" and then put in your zip code.You are in beautiful area, since I lived in LaPine for four years, and remember it well.

Jul 16th 2013
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Eric Vander Werff (Loanguy99201)
#87 ranked lender in Washington - 27 contributions

In many cases, you can subordinate your 2nd mortgage and refinance just the 1st. The 2nd will most certainly not allow cash out, just a refinance of the existing 1st loan balance. If your loan is pre- May 31, 2009 Fannie Mae or Freddie Mac, or FHA - then you can most likely be underwater with both mortgages and be ok. If the current first mortgage is not, however, you will likely be limited to 95% combined loan to value of the current appraised value.

Jul 19th 2013
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