Can I refinance my first mortgage only?

I have a first mortgage and a home equity loan. Can I refinance just the first mortgage only?

I am also looking at rolling it all into a single refinance as well, but appraised value may not allow that. If I refinance the first mortgage, that would still greatly reduce my monthly payments and allow me to pay more on the home equity loan.


Helen- what are the terms of your loan?

Update 2:

Dave- I agree on the Helen thing, I threw the question up there just to see if I would get a response from her.

I have 260k on one, and 62k on the helo. Unfortunately, my home is most like valued at $300k. So, from what I understand, I need the holder of the 2nd to subordinate. Any insight as to if lenders are doing that?

4 Answers

  • 1 decade ago
    Favorite Answer

    No, when you refi you need to pay all of the new loan. You will have to refi both loans together.

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  • Debdeb
    Lv 7
    1 decade ago

    Yes, you can refinance just the mortgage and leave the heloan or heloc as it is. In fact, if you live in TX, this is what you should do, rather than combine the loans.

    But the value will affect whether you can do it at all. If you have a $100,000 property, and the first is $60,000 and the 2nd is $40,000, it doesn't matter if you refinance one or the other. You're not likely to be able to refinance at 100%. You'll be approved for a specific loan to value (LTV) and the two loans have to fit into that LTV no matter which you're refinancing.

    I'd stay away from Helen's loan. That exact same message is on several questions today. My impression is that she's soliciting business which is not allowed on this board.

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  • 1 decade ago

    the biggest problem the second would have to subordinate to a new first and most will not do this with out looking at the appraisal for value. If you are going over the equity in the home then there is no way they will do this at this point in time.

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  • 1 decade ago

    NOPE. Would have to get new HELOC at minimum, after the refi. Better to roll them into one loan if at all possible, particularly while rates are so low. But you need equity in home in order to do that and with declining home values, it's a problem, also those HELOCs for 145% or 150% of home value--which are stupid normally and disastrous in this financial era.

    Source(s): real estate attorney
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