I have a 80/20 mortgage with 9% interest on the 20% secondary loan. Can I refinance just the second mortagage?
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It’s best to refinance both loans. You will never get a great rate on a second mortgage.
yes if u can find a lender and have good credit and some equity, it will be tough in todays world, watch out for fees it could eat up any savings that u hope to get by reducing the rate on the second which is not unusually high for an 80/20
You can but the lending guidelines for 2nd mortgages has drammatically changed in the last year. My guess is that you have had this for about 2-3 years. Most lenders willing to do 2nd mortgages top out at about 80% loan to value. If your home value has gone up to support that percentage the give it a shot. If not a refinance of both loans is probably your best bet
If you still have equity in your home, you have a good probability of refinance just your second mortgage. Assuming you have the qualifying purposes for it. Currently interest rates for equity lines are great, do to the recent interest rate reduction by the federal reserve. I am a mortgage loan officer with Bank of America. Contact me if you have additional questions.
Probably not right now.
Treat the second mortgage like a credit card, and pay it down as quickly as you can.