I have two mortgages. Is it possible to get one refinanced and not the other?

I have one main loan at 8.75% variable 3 yrs from now, and one fixed at 10.25%. Is it possible to refinance the variable and not the other? I do not have much equity in my house because it is new, so I suppose I wouldnt be able to get them combined.I have two mortgages. Is it possible to get one refinanced and not the other?
That makes no sense to me.


Why don't you refinance and consolidate them into one loan at a lower rate?


Most places hate to loan if you have a first anyway because they prefer to have sole stake in your collateral and will usually give you a better rate for doing just that.I have two mortgages. Is it possible to get one refinanced and not the other?
I'll answer this in two parts, first the liens themselves. I'm assuming the fixed is a home equity loan. Basically what would happen is that you would finance the variable rate mortgage and the title company would assist you ( or do it for you, it depends) on getting the home equity subordinated. Whomever holds the second mortgage would sign a document that would be recorded stating their lien is to be second to whomever the new lienholder is. It will cost $$ to record this document (this would be rolled into the closing costs, usually subordinations are only 1 page so it's not too costly) and it may cost $$ for the actual prep of the subordination. Each lender is different, most charge, some don't, but be prepared for it as some will not prepare this doc without the money upfront. Now can you get refinanced, I really don't know, it depends on your credit, income and what the home appraises for. If you want to know, find out your fico score and get the house appraised. Once you have the house appaised (full appraisal) take the remaining balance of the two mortgages and divide that by the appraised value, if it's less than 80%, you should look into refinancing as your rates are way too high, if not hold off
Yes...It is very possible and common. In fact, we just refied our 1st and not the second. HOWEVER, make sure the owner/lender of the current 2nd is willing to re-subordinate. Many of the big banks are not willing to subordinate right now...we ran into and had to BEG to keep the 2nd (exactly as it was! We weren't even changing anything but the first!) You may very well be able to combine them both...it is called a cash out re-fi...your rate will be a little higher...but goodness, with them in the 8 and 10% ranges you can't go wrong...Those are really high. As long as it has been 90 (sometimes 120) days since you last re-fied you can do it again.
If these loans were obtained during a purchase, you have what is called a ';purchase money second.'; It will help you when your property goes up in value. If you refinance either loan, you will no longer be a purchase money second.
You probably have 2 loans because the original lender was trying to save you from PMI. Without equity- refinancing is not an option, normally because they want a 20/80 loan to value to combine and refinance.