Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?

Oct 082010
 

Question by cookingmomma: Can a first mortgage be refinanced to a lower rate if there is also an existing second mortgage?
If a homeowner has a first mortgage and a second mortgage, and would like to refinance the first mortgage at different terms, can this be accomplished – does the existing second mortgage put a monkey-wrench in refinancing the first?

Best answer:

Answer by Tim
Normally you roll them both together. You can get better rates on a 1st than a 2nd.

Know better? Leave your own answer in the comments!

Will Consolidating my student loans affect my credit score?

Jun 232010
 

I asked this in the general credit forum but maybe it would be easier addressed here since no one seemed to have an answer there.

 

I have 2 student loans which are in good standing, always paid on time I have never been late. I recently received an offer to consolidate them which would get me a lower interest rate and lower monthly payments. My question is will this negatively impact my credit rating? I have no problem paying them as they are now but it seems to make sense to take the lower interest rate and smaller payments if it will not be detrimental to my credit. I am looking to buy a house by the end of the year and I don’t want to do anything that will lower my score.

 

Thanks

Is there anything other than defensive drivers course to lower auto insurance?

Mar 092010
 

Yes defensive driver courses thereanything lower than auto insurance? I felt like diving and moral, of course, yes. Since my 25-year-old driver will take part in education aid to help them reduce the award, in addition to the driver down defense courses? E ‘was the driver of the professional ethics course? Thank you, Wen.

School loan, how will it affect my credit?

Mar 062010
 

I am in the final stages of purchasing a short sale home.  I’m just waiting for bank approval after making my offer 6 months ago.  During this time I’ve worked hard to rebuild my credit and have achieved CS’s above 620.  I’m starting a Masters program in June and will need to apply for a student loan.  Will this lower my CS?  I’m hoping to close on my house before I need the loan, but just in case I want to make sure it doesn’t hurt me.  Also, my daughter is applying for a student loan as well.  She had to use my information to get a FASFA number, will my credit be pulled for her loan?

Thanks

request for lower interest rate

Mar 052010
 

I have a bank of america credit card that went from 10% to 24%.  I paid the balance off and has been at a zero balance. I don’t use the ccredit card because of the high interest rate. Do you think they would lower my interest rate even though it’s at a zero balance? The thing is, I want to use the credit card but only if it’s at a lower interest. My credit score is 761.   

I have another credit card that I do use often and pay the balance off every time. If I asked, do you they would lower my interest rate and increase my limit at the same time?

How to get lower home owner insurance quotes?

Mar 012010
 


I always get a quote for a small range. What can reduce your insurance? Like when they ask all these, such as the owner of a dog, or possession of firearms issues. Except to make high or low?

chase encouaging me to lower my balance,—— why?

Feb 282010
 

chase has ofered me $200 if i pay $600 month for next sixmonths wothout using card in this time period.

 

why?

they would be giving up 20% interest

 

or

 

do they benefit if my fico score goes up?//

[it would if i go forward with thid deal]

 

or  why else??

 

must besome motivation on their part!

can you lower your mortgage (without refinancing) by having excess in escrow once taxes and insurance are paid?

Feb 242010
 


My statement was that I am under 15 dollars. Escrow tax payments in December 2000. My mortgage payment increased by three dollars. 00. Now, even if it is small, I wonder if I have a mortgage escrow payments surplus will be adjusted to show that pay less because the rest of the second year?

Can I lower my PMI (private mortgage insurance) after a flawless 5yr payment history?

Feb 172010
 

Can I reduce my PMI (private mortgage insurance for 5 years, perfect payment history)? Already five years and “the high initial cost of purchasing managers, the reasons for the $ 0 in my house. Now I have proof of payment of Liability, I can re-negotiations? Change, I know it will end, 80% the loan, do not want my entire loan refinancing. I just want to know if there is a way through the insurer to see if it will reduce the insurance. In response to an opinion, no, I do not want someone to give me the money because the financial responsibility for my actions. These are people who are fond of saying screw someone else in the past, I finally paid for them.

Asking to lower interest rates on CC

Feb 172010
 

We just got serious about improving our FICO scores and last week I purchased the Suze Orman package.  We have three CCs:  HSBC (CL $7790; Balance $5800; IR 19.99%), Capitol One (CL $2000; Balance $0; IR 10.9%), and Juniper (CL $5250; Balance $0; IR 23.24%).  Per the recommendations from the Orman package, I called today to ask HSBC to lower their rate to 12% because I have a FICO of 698.  The representative said the only rate they have to offer me is the current rate.  I said, "well I guess I will have to transfer my balance somewhere else."

 

Then I called Juniper (Orchard Bank) and told them that I have another care with a 14% IR and I want to transfer their balance to the Juniper card.  I asked them to lower my rate to 12% and give me a Balance Transfer rate of 0% for 12 months.  I was shot down on both requests.  I pretty much got the same line from the second company as I got from the first.

 

What did I do wrong, what can I do differently?

 

Thanks in advance for any advice.

 

Stephanie

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