Question:

Is refinancing a 2nd mortgage loan possible?

Answer:

In fact, it is. If you have two mortgages you certainly can consider refinancing a 2nd mortgage loan for several reasons. One is if your credit score went high up and you will be allowed to negotiate lower rate and shorter term for your 2nd mortgage. You could also use some cash from refinancing your mortgage loan to make home or business improvements or want to avoid paying high interest on credit card purchases.

If rates have gone down since you locked your second mortgage, you should really be going after refinancing the 2nd mortgage. You may need appraisal, but the benefits can be worth it if you have built some more equity on your house since. Another advantage is that you may get to deduct your interest. Should consult your tax advisor about tax-deductible interest on a 2nd mortgage.

However, if rates went up since your 2nd mortgage was signed, you should wait. You don't want to get a higher rate and there are other ways to get quick cash you may like to consider.

Mortgage rates hit their lowest since 1955. Ask the home loan experts we recommend Quicken Loans how to take advantage of them.
Was this Mortgage QnA helpful?
Not at all
  • Currently 2.9/5 Stars
  • 1
  • 2
  • 3
  • 4
  • 5
Definitely
Add to this Answer

Mortgage QnA is not a common forum. We have special rules:

  • Post no questions here. To ask a question, click the Ask a Question link
  • We will not publish answers that include any form of advertising
  • Add your answer only if it will contrubute to the quality of this Mortgage QnA and help future readers
If you have trouble reading the code, click on the code itself to generate a new random code. Verification Code Above:
Bookmark and share this QnA: