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What's coming up next year for mortgage rates... the Fed... housing markets... home prices? See HSH's 2022 Outlook for our expectations!

What's coming up next year for mortgage rates... the Fed... housing markets... home prices? See HSH's 2022 Outlook for our expectations!

Can I refinance my second mortgage?

Q: My first mortgage is $256K, and my second lien is $74K. I'm not sure what the house goes for now, but I want to refi my second mortgage into a lower interest rate and payment.

A: You may be able to refinance your second mortgage. Given home price declines, your best bet might be to contact the existing holder of the second mortgage. If they aren't a mortgage lender, and if you have at least some equity, you might be able to refinance with a new lender. However, that may prove difficult in today's lending climate, so you'll need to shop the market very thoroughly to see if you can find an interested lender.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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