Refinancing your second mortgage presents the same risks as refinancing a home with only one mortgage. It would be prudent to shop around in order to find the best deal in town so be sure to know your rights when it comes to refinancing and ask whatever questions you may have. Be aware of scam artists and unscrupulous lenders. Read every document handed to you and do not be afraid to negotiate, it is your money after all and if you are refinancing then you could probably use a few extra hundred dollars. A second mortgage uses the equity in your home to secure the loan. The first mortgage remains intact which makes a second mortgage completely different then refinancing. Second mortgages must be kept up to date or you risk loosing your house. Now, it is possible to refinance the second mortgage without refinancing your first mortgage. This can be done for several reasons and is usually done with the goal of keeping your house.