Refinancing your second mortgage has been made popular in recent years. Say, for example, you have your first mortgage when you purchased your home and maybe you took out a second mortgage which could either be a home equity line or credit or a fixed rate second mortgage. The two payments combined would create a significant monthly repayment sum and therefore you are interested in wrapping them together. Second or 2nd mortgage refinance is a very simple process. Seeing it as if it is your first mortgage refinance would help you to understand better.
Now, here is the mechanic of the process. When it comes to closing the deal, the company that handles your transaction is going to order a pay off from your existing first mortgage and for the current second mortgage so they can get an amount to pay the two loans off combined.
So, you see, second mortgage refinancing is not as different as in comparison to refinance your first mortgage.
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