Second mortgage loan is taken mostly after first mortgage loan against a home that is advanced before. But since your first mortgage lender is paid first you will have to pay higher interest rates to the second holder than the original home loan. Sometimes remodification is helpful in lowering the payments and interest rates ,but an alternative of mortgages may lead to higher payments.
A mortgage loan mainly depends on credit scores , loan to value ratio that is possessions that is mortgaged . Most lenders will not give you 75 % - 80 % of loan to value ratio of first and second mortgages .All home owners will not get the chance of lower interest rates but refinance program is the solution for those home owners who is having less impartiality in their home can take the advantage of lower interest rates.