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Hi folks! I had so much help here when I bought my house that I figured I'd pop back with some refinancing questions.

I bought my house in October with a 80-15-5 combo. I'd like to refinance, but I'm wondering how the 2nd mortgage is handled. Can I do two refinances to get lower interest rates on both mortgages? I guess I could roll them over into one mortgage, but then I'd be back to paying PMI, right?

Any suggestions for what to ask for in this situation? My 1st rate (30 year fixed) is at 6.25% and my 2nd (15 year with a balloon) is at 8.125% if that makes a difference. I have good credit and I'd like to avoid paying closing costs. Both my mortgages are with the same lender right now.

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