If you have a second loan on your mortgage can you refinance on just the primary loan?
Normally you can. You will have to get the Lender on the Second Mortgage to "SUBORDINATE" the loan for you. They may charge a small fee to do so.
Your Title company can help you.
Prior to the bursting of the housing bubble, lenders were very willing to allow homeowners to take out second mortgages. In total mortgage debt. Those days are long gone, and lenders are much more careful about who they’ll give a second mortgage to.
And a fair amount of equity in your home. Second mortgages to 75-80 percent of your home value these days, minus whatever you owe on your first mortgage. Stable or growing home values).
But if you meet the criteria, yes, lenders are still doing these loans. Interest rates on second mortgages are typically higher than on a primary mortgage. Borrower defaults, the primary lender gets completely paid off with the proceeds from foreclosure before the secondary lender gets a dime.
On the other hand, second mortgages have much lower origination charges than primary mortgages, simply because there’s less money involved. Have considerable origination fees. How can you use the money?
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Related Questions
Owe 65 thousand to first mortgage 40 thousand to second mortgage but second mortgage is foreclosing how will first mortgage get there money?
Can you refinance your home use some equity as a down payment for a second home and take out a mortgage loan for the second home for the remaining balance?
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I have a first mortgage and a second mortgage. Can I still qualify to refinance under Making Homes Affordable program?
Does the Reverse Mortgage Act require a mortgage loan originator to be licensed under both the Reverse Mortgage Act and the Mortgage Lending Act?
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