Possible to refi just 1st mortgage? - Posted by John

import · November 23, 2003, 4:22pm

Posted by Lloyd W. on November 23, 2003 at 18:19:11:

Have the holder of the 2nd sign a subordination agreement.

import · November 23, 2003, 4:22pm

Posted by John on November 23, 2003 at 17:22:14:

I have $131,000 first and $30k second
The house is appraised $200k

but if I refi to combine both 1st and 2nd into one mortgage,
i would have to pay PMI due to the loan being over 70%.

Is it possible to refi just the first
and leave the second alone?

import · November 23, 2003, 6:03pm

Re: Possible to refi just 1st mortgage? - Posted by Wes

Posted by Wes on November 23, 2003 at 19:03:56:

As Lloyd said, you can keep the 2nd as long as you get a subordination agreement signed.

Also, you do not have to pay Mortage Insurance as long as your 1st is not over 80%, not 70%.
At $200,000 appraised value, you can get a $160,000 mortgage without paying MI. Looks like you owe $161,000. You would have to pay the difference as well as your closing costs (unless you can get a no closing cost loan), or just wait a few more months.