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. Refinancing your second mortgage may not be right for everyone, so weigh the pros and cons and make decisions based in fact and not the desire for more money.