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I want to refinance my 80/20 into another 80/20. Is this an option, or do I have to refinance into a 30 year fixed rate?

by g_russo508 from Palo Verde, California. Nov 24th 2015 Reply

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

More info needed.. if you have enough equity, you would only need to refinance into one loan rather than two.. Also, if you don't have sufficient equity, then you can ask the 2nd to subordinate leaving that loan the way it is.. It only makes sense to refinance if you have potential savings.. so I suggest contacting a local mortgage professional and let them look at your complete loan scenario.. only then can someone advise you properly.. 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 NMLS# 226347

Nov 24th 2015
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,006 contributions

You can potentially refinance your existing first mortgage, and either leave the second alone, or even maybe refinance the 2nd loan too - Or maybe not. Too much information is missing here to really give a good answer. Contact a local mortgage broker in your area. Give them a full application, and they can zero in on what options your have. Good luck

Nov 24th 2015
Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

It usually comes down to "will the company for your second mortgage be willing to subordinate so you might refinance the first mortgage." However, would it be worth your while to find out what your house would appraise at to see if you have options for refinancing? Obviously, if you have sufficient value then you could change the second mortgage as well. We have the option of 80/15/5 now but a better rate is available with 80/10/10.

Nov 30th 2015
Larry Goodrow (
#1062 ranked lender in California - 22 contributions

depending on location there are some high Loan to value programs, that can go as high as 96.5% and some we have might go to 100% as well, or we can leave the 2nd alone and do the 1st, anyway, give me more specifics and Ill see what we can do for you. We have 32 years of experience in the industry. Lighthouse Mortgage Company BRE 00845659 NMLS 257979 916-434-8915

Dec 9th 2015
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