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Can I refinance my mortgage and include a home improvement lien (2nd mortgage) also?

Profile picture for alicia4242
I have  a mortgage on my primary home. I got a loan to replace the windows and back door. It is a lien on my home. I want to consolidate then and then refinance my mortgage. Can I do that under President Obama's Plan?
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April 12 2009 - Sharon Hill
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Answers (2)

It depends - if you took the 2nd loan out less than 12 months ago or borrowed against the line of credit in the last 12 months, then it's considered a cash-out refinance. If the combined loan to value (CLTV) is at or less than 80%, then you can refinance both into one mortgage. If the CLTV is greater than 80%, you can refinance the first mortgage but the second mortgage will have to be subordinated to the new first mortgage.
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April 13 2009
Profile picture for MichaelFerraro
You cant do that under President Obama's plan (which allows refinancing of just the mortgage up to 105% of the value), but you still may be able to do it via a "cash out refinance" depending on the equity in your home.
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April 13 2009
 

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Profile picture for alicia4242
QuestionCan I refinance my mortgage and include a home improvement lien (2nd mortgage) also?
  • Asked by alicia4242
  • April 12 2009
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