These days it is not at all uncommon to have more than one mortgage on a house. This can create a problem since in most cases the second mortgage came with terms that were less than desirable. This is especially true if the second mortgage created a situation where you owed more than the house was worth. If this has changed and you now have equity in the house it usually makes sense to refinance multiple mortgages.
Refinancing multiple mortgages is no different than refinancing a single mortgage except that you will have a lot more decisions to make. For example if you have two mortgages on your house you will have to decide you are going to refinance both mortgages or just one of them. If you decide to refinance both you will then have to decide if it makes sense to refinance with two new mortgages or to combine them into one mortgage. The factors involved in the decision can be quite complicated so you may want to have an expert help you.
The reason that the decision to refinance multiple mortgages and how you will do it is so complicated is that the interest rates on the mortgages is usually different. If they have the same interest rate and you can get one that is lower than the decision is fairly simple, it would make sense to refinance with one mortgage. The same is true if you can get a new mortgage that is less than the interest on either of the mortgages that you already have. Where things get complicated is in the much more common situation where the interest rate you are offered to refinance falls in between the rates that you have on the two mortgages.
In this case you may find that you can get a lower rate on the first mortgage and a lower rate for the second mortgage. In this case you would want to take out two new mortgages. Or you may find that you can only get a better rate on one mortgage, which means that you would probably only want to refinance one mortgage. There are a lot of different combinations so you will want to use an online mortgage calculator that covers multiple mortgages to determine which option will make the most sense financially.
Using an online calculator to determine which option makes the most sense when you are refinancing multiple mortgages will allow you to determine which will save you the most over the length of the mortgage. This is something that you should do any time that you refinance but it is much more important in this situation. Remember that you will also have to factor in the costs of refinancing which will be higher if you have multiple mortgages. Make sure that any money you save in interest will be enough to offset the cost of refinancing.