Gadget Man the other concern you are going to have is your Loan to Value. Currently in the refinance market that issue is having a HUGE impact on what rate you are assessed as the higher the LTV the higher the rate. You need to be concerned if you are attempting to combine your first and second mortgage and will be over 95% ltv. In my opinion ( of someone being in the mortgage industry for 14 yrs) you need to also start paying down your second mortgage as much as possible in order to decrease your LTV.