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Rajun

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can you refi a second mortage only?
Is it possible to refi a second mortgage only. !st rate is ok, will sell in 2-3 years. Second is around 10 percent. TX resident.

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Sure!

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Refinancing a 2nd mortgage is less complicated than refinancing your 1st mortgage in this situation.  You may want to talk to the lender on your 2nd mortgage about options to reduce the rate on the mortgage you already have.  If you have a good payment history and credit score, they may be cooperative to refinance a reduced-paperwork loan with lower fees.  Why would they do that?  Well, they know that if you're wanting to refinance they have a choice to keep your business or not.   If they don't have options for you, you'll just take your business elsewhere and they will make nothing.  If they don't want to play ball, contact a mortgage broker and tell them what you want to do. 

Final thoughts:  Make sure that you consider all of the costs to refinance your loan if you are planning on selling in 2-3 years.  Those fees may erase all of the benefit of a lower rate.

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