Prefer to talk in person? Find a mortgage specialist on Zillow
Profile picture for smileyss

Shoulw we refiance our 1st and 2nd mortgage?

Should we refiance our 1st and 2nd mortgage?
  • February 14 2011 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (8)

Don't you recognize a troll???

Was it the smiley part of the name, or the ss? 

Or was the give away the spelling mistake?  
  • February 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for mshort
If you can lower the rate and shorten the mortgage term you will be in good shape.   It's important to compare the closing costs to the amount saved over the mortgage term.
  • February 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Niepewny
Don't you recognize a troll???
  • February 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I don't know if you are asking this question because you want to know is now a good time or should I wait until the rates come down. 

To answer the question if if make sense to refinance we'll need to know the
1. Balance on your first and 2nd mortgage as well as payments/rate
2. Was the second mortgage a purchase money second (i.e. was it obtained when you purchased your home?)
3. What do you estimate as the value of your home? With property values declining across the nation it's often a question whether or not a first and second can actually be refinanced at all do to not enough equity. Under the HARP program you may still be able to refinance the first mortgage.

If you are asking will rates go down and should you wait.  That would be pure speculation on our part. The pricing has improved slightly since last Friday but how much further it will improve and how long it will stay at that level no one really knows.

  • February 15 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Yes....four months ago.
  • February 15 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Some useful information for you to discuss with your lender:

Your current loan balances.
Your current interest rates.
Your appraised value of the property.
Debt to income ratio.

Without those, who knows?
  • February 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for daveskow
maybe yes ..maybe no???



need many more details ...
  • February 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

The lenders on this board, who may need more information from you. Ex: mortgage balances, interest rate of each mortgage, etc....
  • February 14 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.