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Is there anyone out there that knows about refinanacing a second mortgage? Being a first time homebuyer we were duped into taking out a 13.5% second mortgage on our home. I cant find any info on refinancing this type of loan besides companies who cant be trusted. Any info would help.
to the smarty pants who wants to make comments about what i can can’t afford. you dont know what I can or can’t afford. the reality it my husband and i prob make more than the two of you combined! But it doesnt matter how much money you make if your credit score is low because we pay mostly with cash! And the way the loan was explained to us was NOT the way it turned out to be.

3 Thoughts on second mortgage refinance?
  1. Reply
    February 8, 2014 at 2:30 am

    You were not duped you were a willing participant. You were eager to buy something you could not afford.
    Talk to your current first mortgage lender and if you have enough equity you can roll mortgage 1 and 2 into 1. If your home declined in value then no Your other option is to take a personal loan at 8% and pay off the 2nd mortgage.

  2. Reply
    February 8, 2014 at 3:12 am

    YEAH< they forced you to take their money! You refinance any loan the same way Depends on the value of your home, the amount of your combined loans, and whether you qualify Best thing to do, if you can is to refi all your loans into one package, one single loan, at current very excellent, low rates If you can't do a refi, of one or both, the next best thing is to make additional payments of principal, because the MORE you pay in principal, the LESS you pay of that high interest rate

  3. Reply
    February 8, 2014 at 4:03 am

    You may have difficulty finding someone to refinance a second mortgage. You will probably have to do a complete refinance of the property. As long as your credit and income is good and the property appraises high enough, this is a good time to refinance as rates are at an all time low. Good Luck

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