Go Back To Search Results Question Can you refinance a 1st mortgage and 2nd mortgage without equity? I own a single family property in IL. I have a 1st mortgage that was 100% LTV that was used to purchase the home and a 2nd mortgage that is a 120% LTV that was used to consolidate debt. The value of the home is about $40,000 short of what I owe based on both loans. I want to refinance my 1st mortgage which is at a rate of 7.25%. Is this possible? By No Equity Posted on 01/20/08 Total Answers 3 Answers- My best advice is to consult an experienced mortgage broker on this question. I hope that you can because rates are far below 7.25% currently making it a great time to refinance. Go to http://www.MyMortgageSaver.com to have a local mortgage broker contact you. Good Luck, Jon Answer by : John the helper On Date 2008-01-22 16:33:00 Sorry, but you have over extended yourself. You don't even have enough equity. No point. Check here for more info: http://www.bills.com/home-refinance/ Answer by : MmmmKay! On Date 2008-01-22 18:26:24 you would have to create equity by putting up the the differance plus probably a bit down as well, looks like that would be a bit of a hefty sum Answer by : Strawberry S On Date 2008-01-22 23:07:16   Go Back To Search Results