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Refinance after divorce

I am divorcing and keeping the home. My wife and I took out a 2nd mortgage to help pay debt, college and other expenses. She is primary on the 2nd and I am the co-signer. I would like to refinance the 2nd mortgage into my name only and hopefully lower the interest rate and payments. Is this possible? Where do I start. I ran my credit and its in the mid 700's. by chrissie.hupman from Tulsa, Oklahoma. Feb 16th 2010 Reply

Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 143 contributions

The best scenario for you is to combine the first and second provided you can qualify for the entire loan amount. Rates on seconds today are not anywhere near 30 yr fixed conventional rates and there are not many lenders doing them. It won't make any difference whether you re-finance only the second or both as far as debt ratios and qualifications are concerned as the payments on both loans will have to be considered either way.

Feb 16th 2010
Brian Esquivel (NewAZMortgage)
#24 ranked lender in Arizona - 67 contributions

I can give you a complimentary mortgage analysis to decide if refinancing your second mortgage by itself is more beneficial or if combining the two loans into one at today's low rates is better. Please double click on the following link to submit a secure home loan application. will email you a confirmation once I receive your application and get you an answer right away. Thanks. Brian BNC National Bank

Feb 16th 2010
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