Is it possible to refinance a second mortgage that has been an interest only without affecting the first mortgage?
We have a second mortgage that we took out three years ago. It was set up as an interest only but we would like to refinance it to a fixed second without combining it our first. Is that possible? by leslieevansaz from Tempe, Arizona. Aug 2nd 2010
Nic Netherton (ColoradoLender)
#15 ranked lender in Colorado - 57 contributions
If you have the equity needed, yes it is possible. What is your rate on your first? Why not refinance both loans into one?
We did not want to end up with a super jumbo loan which would come out to $800,000. We have been making accelerated payment on our first and when we took out the second had planned to have it paid off within two years. Unfortunately, the job we were going to use to pay off the second delayed the project indefinitely.
Rudi Hofmann (CaPortfolioLoans)
#281 ranked lender in California - 380 contributions
If your combined loan to value is 80% or less 5.125/ 5.192 is an exceellent rate on a 30 year fixed. I specialize in jumbo loans for self-employed borrowers. Call me to see how I can help you.Happy funding, Rudi
Christopher Stancato (Kyle Stancato)
#3 ranked lender in Washington - 64 contributions
BECU or Key bank will do the 2nd's with no fees and you have the option to locking it at a low fixed rate at any time with no fee. I could look at refinancing the 1st and 2nd together, but only if it would benefit you. Take care,Kyle StancatoBayview Home Loans253-460-6000
Elvis saloum (ElvisS)
#42 ranked lender in Arizona - 1 contribution
Yes, you could do a 2nd mortgage only. The think the most important question you have to find out is how much equity you have in your house. I also do loan modifications, so I can find out if you qualify for that as well. ThanksElvis(480) 797-1560http://www.azwm.com/jumbo-mortgage-loans.htmlaz jumbo mortgage
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