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How Soon Can a Mortgage Company Foreclose?
How to Become a Mortgage Lender
How to Work Out Mortgage Repayments
What is Mortgage Refinancing?
About Best Mortgage Rates
What Is APR Mortgage?
What Is a Mortgage Margin?
How Are Mortgage Rates Set?
How to Negotiate Low Mortgage Interest Rates
How to Get Low Home Mortgage Interest Rates
How to Compare Low Mortgage Rates With No Down Payments
How to Find Low Interest Rates 30 Year Fixed Mortgage
How to Compare Mortgage Rates
About Low Fixed Mortgage Rates
When Do Mortgage Rates Fall?
How to Make Mortgage Rate Predictions
How to Refinance a First & Second Mortgage
Mortgage refinancing is an excellent financial tool for reducing mortgage payments in certain circumstance… More
The most primary reason to refinance is that the mortgage payment under the new mortgage would have a lowe… More
Refinancing is renegotiating a bank loan at a lower interest rate for a given period of time. Better under… More
Refinancing makes sense every time there is the slightest tick down in interest rates, as long as the fees… More
Refinancing a first and second mortgage together is a simple process that is quite similar to a first mort… More
One benefit of interest only mortgage refinance is increased cash flow. Discover the other benefits of int… More
When calculating the cost of refinancing a home, do a good faith estimate and note the inclusion of state … More
Refinancing a house is a very big decision that should only be done if it is a financially sound decision.… More
Chapter 13 bankruptcy allows the debtor from 3 to 5 years to restructure his finances to satisfy obligatio… More
Refinancing a home mortgage begins by consulting with a mortgage professional to get a good-faith estimate… More
Summary: Refinancing a first and second mortgage together is a simple process that is quite similar to a first mortgage refinance, but the two loans are combined to get a better overall interest rate. Consolidate debt by refinancing with advice from an experienced mortgage broker in this free video on personal finance.
Matthew McKillen brings 21 years of industry experience in arranging loans for his clients. He has worked in financial services senior management positions in mortgage banking...read more
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"Hi, this is Matt McKillen with Innovative Financial Group. I had a client call me today, and the question that was posed to me was 'How do I refinance my first and second mortgage?' It's really not a difficult process. You have your first mortgage from when you purchased your home. And maybe you took out a second mortgage, which could either be a home equity line of credit or a fixed rate second mortgage. And the two payments combined may be really high, and you're interested in possibly wrapping them together. It's a very simple process. You just treat it like you're doing a first mortgage refinance, period. It's just that when it goes for time to closing, the title company that handles your transaction is going to order a payoff from your existing first mortgage and for the current second mortgage on your home, so they can get the amount to pay the two loans off combined. So it's no different than taking a new first mortgage without a second. Basically the same process is involved. You have to qualify the loan. Usually a new appraisal's involved. And then they order payoffs on the two loans and combine them into one new mortgage, which usually ends up in a payment savings and a better overall rate than what the rate may be between the two loans individually. Thanks again for asking. My name is Matt McKillen with Innovative Financial Group."
eHow Article: How to Refinance a First & Second Mortgage
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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