Video Rating: 0 / 5
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.
What do you think? Answer below!
Residential Mortgage Backed Securities (RMBS)
You guessed it… good old residential mortgage backed securities (RMBS)… the safest security in the land… apparently. With CLF, the bank agrees to buy the RMBS back from the bank at a fixed price at a later date. That's why it's called a repurchase …
Read more on Money Morning Australia
