By Admin on Apr 29, 2008 in Renting & Real Estate
Dee asked:
My 2nd mortgage that they do not have the power to lower my interest rate because they are not in 1st lien position. Is this true or they are blowing smoke?
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My 2nd mortgage that they do not have the power to lower my interest rate because they are not in 1st lien position. Is this true or they are blowing smoke?
Create a video blog…instantly.
You are perfectly free to refi that 2nd mortgage with somebody else if they will not lower it, depending upon your available equity and credit rating.
efflandt | Apr 30, 2008 | Reply
Your second mortgage holder can lower there own interest rate. But they have no control over the first lien holder. Unless of course the first mortgage is the same lender.
As far as the first or second loans are concerned they can lower or raise as per contract. But if you are asking the second lender to lower there interest rate. Then tell them they could end up with the home and get nothing. So let them know you are willing to walk away.
Big Deal Maker | May 1, 2008 | Reply
You should be able to refinance any 2nd mortgage, assuming you qualify for a new loan. But your lender will not just lower the rate – you will have to refinance the loan.
Quicken Loans | May 4, 2008 | Reply