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How do I refinance a second mortgage?

Refinancing a second mortgage is much like refinancing a first mortgage. You will need to do your research on different mortgagors, find out if you qualify, and then gather the necessary documents to complete your mortgage process.

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 you refinance a second home?

You might also refinance to: Some investors even use cash-out refinancing to buy more properties. There are two primary ways to refinance a second home: Rate-and-term refinance: A rate-and-term refinance replaces your current mortgage with a new one that has a different interest rate, different loan term or both.

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