refinancing first and second mortgage

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It’s called a “second mortgage” because the borrower’s first mortgage, the loan obtained to buy the. Homeowners usually take out second mortgages to pay for big-ticket expenses such as: Home.

Refinance Second Mortgage – Rates, Loans and 2nd Refi Tips – Tips to Refinance a Second Mortgage, compare 2nd mortgage rates, terms and solutions to a second mortgage refinance loan. if you have both a first and second mortgage, or a first mortgage and a heloc, you have the option to refinance the second mortgage, the first mortgage, or combine both mortgages into a single loan.

A loan to purchase a home is usually the first mortgage lien recorded on a property; subsequent loans depend on the amount of owners’ equity in the home and generally require a new appraisal. Homeowners may use the money from these second mortgages – available as a lump sum home equity loan or as a home equity line of credit – for any.

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Digital Products; Loan Package for Sale; Fee and Pricing Changes – The first shot too high. allow up to 90% LTV on a purchase and rate/term refinance, and up to 85% LTV on a cash out refinance, and offer 30- and 40-year Interest-only options for primary, second.

Refinance Second Mortgage – Rates, Loans and 2nd Refi Tips – Tips to Refinance a Second Mortgage, compare 2nd mortgage rates, terms and solutions to a second mortgage refinance loan. if you have both a first and second mortgage, or a first mortgage and a heloc, you have the option to refinance the second mortgage, the first mortgage, or combine both mortgages into a single loan.

Your best strategy is to refinance the first mortgage and keep your 2nd mortgage open. Hopefully your 2nd mortgage has a small enough balance so that you can work toward paying it off instead of refinancing.

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 · To answer the first part of your question, depending on the type of first mortgage you have now you may be able to refinance your first mortgage without a new appraisal. However, the lender on your second mortgage might still require on in order to subordinate.

What is Mortgage Refinancing? | First Foundation – Mortgage refinancing is the process of replacing your mortgage or mortgages on your property with a new mortgage, generally with different terms than the original mortgage. Some confuse mortgage refinancing with a second mortgage, but they are not the same. A second mortgage is in addition to your first mortgage, and does not replace it.