Posted on: 01st Jun, 2011 02:31 am
can i refinance my first mortgage and not my second.
i would like to refi my first to lower the payment by about $400. i want to keep the second in place because its almost half paid off. if i only refi the first then in 8 years my second is paid off instead of refinancing both and keeping the combined higher payment for 15 yrs.
i would like to refi my first to lower the payment by about $400. i want to keep the second in place because its almost half paid off. if i only refi the first then in 8 years my second is paid off instead of refinancing both and keeping the combined higher payment for 15 yrs.
generally, you are able to do what you wish to do. what will need to take place is that your second mortgage lender will need to resubordinate their lien to the new first mortgage - it's common practice, so don't be alarmed. as long as you've got sufficient equity to cover both the new request on top of what's already owed, you'll usually make out okay in doing this.
of course, your income, credit, assets, etc. must be in reasonably good shape as well; based on your query, i think it's safe to assume that you're in the kind of financial shape that you need to be to make this work.
of course, your income, credit, assets, etc. must be in reasonably good shape as well; based on your query, i think it's safe to assume that you're in the kind of financial shape that you need to be to make this work.