Erik J. Martin | The Mortgage Reports Contributor | 7 min. read
Featured Expertise By Jason Gelios
It’s possible to refinance a second mortgage. However, these loans are considered higher-risk because they’re a second lien after your first mortgage. And that means they carry higher interest rates.
Because of this, many homeowners looking to refinance a second mortgage end up rolling their home equity loan or HELOC into their first mortgage via a cash-out refinance. This could potentially lower the interest rate and eliminate a second monthly payment.
Are you looking to refinance a second mortgage? Learn about refi options and interest rates to see what will work best in your situation.
Jason Gelios is a Husband and Father. After that, a Top Producing REALTOR®, Author of the books 'Think like a REALTOR®' and 'Beating The Force Of Average', Creator of The AskJasonGelios Real Estate Show and Expert Media Contributor to media outlets across the country.