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mnoel's picture
mnoel | Joined: April 21, 2007 06:44 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Yes, you can refinance the first and keep your current second. The lender will have to get a "subordination agreement" from the 2nd mortgage lender- meaning once the 1st is paid off the current second technicall moves into the 1st lien position because it was recorded before your new 1st. The Subordination is the way the new 1st gets moved ahead of your old 2nd. The 2nd mortgage lender is essentially agreeing to move back into 2nd place- subordinating themselves to the new 1st.

Always consult a mortgage planner before changing your current financing to consider what your blended rate (the new first rate and second rate blended together proportionately); and consider whether you have any equity that would allow you to either improve your overall rate- or to reposition that equity so it increases your overall net worth. Always consider your retirement plans early and often.


Like | Dislike | Share | Posted: Sat, 04/21/2007 - 06:53 | Post subject:

sara's picture
sara | Joined: July 5, 2006 03:16 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Malena,

Subordination agreement will help you to keep your second loan in the second lien position itself otherwise when you refinance, the new loan will get the subordinate position compared to the second loan.

I shall agree with mnoel here. It is really important to consult a mortgage planner so that you can take care of your finances while managing both the loans.



Like | Dislike | Share | Posted: Mon, 04/23/2007 - 00:33 | Post subject:

Caron's picture
Caron | Joined: July 19, 2005 08:37 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi mnoel,

Welcome to our community.

Hope you will enjoy sharing your knowledge with our community and with the people who really need help to get over mortgage problems or to take a wise financial decision.

Hope it will be fun and at the same time it will be a learning experience for all of us here.

Caron :)

Like | Dislike | Share | Posted: Mon, 04/23/2007 - 00:46 | Post subject:

kenstampe's picture
kenstampe | Joined: January 22, 2007 02:45 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Just a minor tidbit...if you are in Texas there is no need for a subordination from the second lien holder. You can just refinance the first without having to get permission from the second lien holder.

Like | Dislike | Share | Posted: Mon, 04/23/2007 - 21:00 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

What if the appraisal came back under 95% of the amount owed on both homes. Can you still refinance just the first? Thanks.

Like | Dislike | Share | Posted: Tue, 11/25/2008 - 14:31 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Melissa,

Yes, you can definitely refinance one of the properties. I don’t think there will be any problem in that. Presently, the 30 year fixed mortgage rates are going around 6%. So you can contact the lender and check out the options. You may even contact other lenders see the options they are giving you. Then you can compare the rates and select the best option.



Like | Dislike | Share | Posted: Wed, 11/26/2008 - 02:03 | Post subject:

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