Refinance questions

[kdibattista]

Can you refinance and cash out on your second mortgage? DH and I have a first and second mortgage. We would like to keep our first mortgage as is but we need to pull some equity out. Can we refinance and pull cash out on just our second? Or does that make no sense?

Thanks!!!

 

[Cheshire Figment]

Yes, you can. As long as you qualify for a larger 2nd or HELOC there is no reason to disturb the 1st.

For example, I have a 15 year 5.0% fixed 1st. There is no way I will ever mess with it. I also have an untouched HELOC. If I were to need more than the HELOC I would have to refinance that.