Question: Refinance a home equity(2nd mortgage) only?

(Posted by: Say on 2010-02-22 06:55:10)

My single Home loan is split into 2 parts 1st Mortgage(5.5 % Fixed) i.e 300k and 2nd Mortgage 30k (6.65 % variable ). On my 2nd Mortgage , I will be paying interest only for first 10 yr and then my principal will be deducted. Can I just refinance my 2nd Mortgage only.I want to keep the first mortgage as it is.My home loan Bank of America now.I ma not planning to sell my house in near future. Thanks

Posted by: Age of Reason on 2010-02-22, 06:58:03

Yes. talk to the lender that has your 2nd. and see what they can do. Then talk to your bank where you have your checking account, they usually can cut you a good deal