6 questions to ask before a refinance
Do I have a second mortgage or line of credit?
Cunningham says borrowers with a second mortgage will face additional complexity when refinancing.
"Borrowers can either pay off the second loan or combine the two loans into a larger first mortgage," Cunningham says. "Otherwise, the lender holding that second loan must agree to stay in second position behind the lender of the first mortgage, which the lender may or may not be willing to do."