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jasonbb2872 · Joined: 04 Jul 2010 Posts: 1 1.30 Dollars($)

I currently have two mortgages. The 2nd being a "Home Equity" loan used for the 20% down.

Given the new rules after the sub-prime fallout, I undertstand the game has changed and there is no longer financing at 100%.

Is it still possible for me to refinance the first mortage given the fact that I still have the second mortgage?

Residence is in the state of WI. Credit is just below 800.

shane · Posted: Mon Jul 05, 2010 10:08 am Post subject:

Yes it's possible, your second mortgage lender will have to agree to "subordinate" to the new 1st mortgage though. This means they give permission to refinance the 1st mortgage without paying the 2nd mortgage off. Contact your 2nd mortgage lender for subordination requirements and guidelines, and then speak with a mortgage company about refinancing the 1st mortgage to help determine if the 2nd mortgage would likely subordinate for the new situation.

If there is enough equity you may be able to refinance both the 1st & 2nd mortgage into a new 1st mortgage as well.

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Refinance of my first mortage