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Can you refinance a second mortgage?

Many homeowners look to refinance their mortgage loans before they’re paid in full. Not only can you refinance your primary mortgage, but you can refinance your second mortgage too. A second mortgage is a mortgage in addition to your primary mortgage loan. The main types of second mortgages that people may want to refinance include:

How much does a second mortgage refinance cost?

1. Determine if a second mortgage refinance is right for you While rates vary, it’s not unusual for lenders to charge 3% or more of the total mortgage as the refinance fee (on a $100,000 loan, that’s $3,000).

Can I get a lower interest rate on a second mortgage refinance?

To receive a lower interest rate on a second mortgage refinance, a person needs to maintain (or improve) their financial standing, including their credit score.

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