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Refinance two mortgages on rental property

We want to refinance our mortgages but we are not sure since is rental property. We bought as primary residence and after 10 years we moved and rented the property. We would like to refinance to lower our monthly payment and rates but we have a second mortgage as well. Our first loan we owne $188k (18 years left on mortgage) and the 2nd we own $47k with about 25 years to pay off. We want to refinance both loans to get a better rate. The first was taken at 5.2% and the second 6.89%. The house market value is only $241k. Is it possible to refinance to 30 year without needing to pay the 2nd loan off?
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February 24 - Boston
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Answers (4)

You definitely can refinance and your next step should be to find a lender and speak with them in regards to your options.
As you can see from below there are many.

Good luck and best wishes!

Scott

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February 25
Profile picture for JAKEBAXTER
I don't know why you wouldn't look at putting both mortgages together.  Message me if your interested.
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February 25
My suggestion probably would be to refinance the first mortgage if possible under HARP into a 15yr fixed rate.  Given the amount that you have paid down the mortgage and the almost 2% decrease in rate, I would imagine that you payment might actually go down and over those 15yrs you should see a decrease in the amount of interest that you pay.  The second would have to be subordinated.  Given that it is an investment property combining the two into one is basically impossible.  Please contact me to discuss further.
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February 24
Hi Caroline,

Yes. You should consider the HARP program will allow you to subordinate your existing second loan even at a higher loan to value (LTV).

Let me know if you have any more questions.

Jeff
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February 24
 
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