Best Answer by Shawna Marie

Yes, you CAN refinance just the first mortgage, and you CAN take out more cash with just the first, but the 2nd mortgage lender has to agree to "subordinate" (which means to stay in 2nd lien position). Lien position is not based on the type of loan (since you can have a home equity line of credit in 1st lien position). Lien position is based on the date and time which the lien was filed. When you do a 1st and 2nd at the same time, they file the 1st and then the 2nd. When a lender agrees to "subordinate", they are agreeing to stay in 2nd lien position even though the new 1st mortgage was filed AFTER. If you have anymore questions, feel free to e-mail me. ... See all 4 answers