Can You Refinance a First and Second Mortgage into One New Loan?

Refinancing 1st and 2nd mortgages can improve your bottom line. When the market conditions prevail with falling interest rates, it creates an opportunity for homeowners to refinance their first and second mortgage together into one new mortgage with one monthly payment. Of course you will need to have enough equity with a low enough loan to value to be eligible.

Second mortgage rates are typically a few points higher than first mortgage rates, so if you currently have a large 2nd mortgage, then you stand to uncover some significant savings when combining both mortgage loans together.

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However if you decide to refinance your both mortgages together, don’t get caught up on the first mortgage rate. If you save money each month and are able to lock into a fixed rate loan, then it makes sense to refinance them together.

Learn How to Combine your 1st and 2nd mortgage into one low rate loan Before the Interest Rates Rise!