I have a first mortgage with a great 5.5% rate. I want to refinance tne 2nd mortgage only.?

Question

The 2nd mortage is 71K, and the principal never goes down as I can't afford to pay anything but the interest. Can I refinance the 2nd mortgage only so I can get it paid? Thanks

Answer 1

Yes, banks will allow you to refinance your second mortgage only if you want it. Make sure you go to http://realestate.yahoo.com/ to find out your home's property value for the higher it is, the lower your 2nd mortgage's refinance interest rate is. Thus, you will save money and your interest will be even lower for having a good credit score. Also, make sure you look for the mortgage rates of credit unions in your area. Credit unions tend to have the lowest rates available.

I am curious for I to am refinancing my home mortgage, who is your mortgage company that is giving you 5.5%? That is an excellent rate. Please let me know.

Thanks and I hope my answer helps!

Answer 2

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