Zillow Advice: Refinance - Will I need to payoff and close my 2nd mortgage inorder to refin my 1st http://www.zillow.com/advice-thread/Will-I-need-to-payoff-and-close-my-2nd-mortgage-inorder-to-refin-my-1st/223030/ Zillow Advice | Zillow Real Estate The answer will depend on ... http://www.zillow.com/advice-thread/Will-I-need-to-payoff-and-close-my-2nd-mortgage-inorder-to-refin-my-1st/223030/ <p>The answer will depend on a few&nbsp;things:<br/><br/>1.&nbsp; Will the lender on your 2nd <a href="http://www.zillow.com/mortgage/">mortgage</a> do a Subordination Agreement?<br/>2.&nbsp; If they will, how long will it take to get the agreement from your present lender?<br/>3.&nbsp; Rates are good now, how long are you willing to wait to refinance?<br/>4.&nbsp; Your appraisal, if the <a href="http://www.zillow.com/mortgage-glossary/Loan-To-Value-Ratio-%28LTV%29/">loan-to-value</a> is low enough to put your two <a href="http://www.zillow.com/mortgage/">loans</a> into one loan or if the lender on the 2nd mortgage will subordinate at your loan-to-value.<br/>5.&nbsp; Do you have a conventional or FHA loan?</p><p>At closing your first mortgage (and second mortgage if you roll them into one loan) will be paid off by the new loan.</p> Tue, 14 Apr 2009 05:59:00 GMT http://www.zillow.com/advice-thread/Will-I-need-to-payoff-and-close-my-2nd-mortgage-inorder-to-refin-my-1st/223030/ 2009-04-14T05:59:00Z i think you can subordinate ... http://www.zillow.com/advice-thread/Will-I-need-to-payoff-and-close-my-2nd-mortgage-inorder-to-refin-my-1st/223030/ i think you can subordinate your second. Tue, 14 Apr 2009 05:30:00 GMT http://www.zillow.com/advice-thread/Will-I-need-to-payoff-and-close-my-2nd-mortgage-inorder-to-refin-my-1st/223030/ 2009-04-14T05:30:00Z No, not really.&nbsp; You ... http://www.zillow.com/advice-thread/Will-I-need-to-payoff-and-close-my-2nd-mortgage-inorder-to-refin-my-1st/223030/ No, not really.&nbsp; You can have it subordinated, you can combine it with your first and <a href="http://www.zillow.com/refinance/">refinance</a> both into one loan....of course this is all assuming that you have equity in the property and qualify. Mon, 13 Apr 2009 17:10:00 GMT http://www.zillow.com/advice-thread/Will-I-need-to-payoff-and-close-my-2nd-mortgage-inorder-to-refin-my-1st/223030/ 2009-04-13T17:10:00Z