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With interest rates at historic lows, many of our listeners and clients have been asking about refinancing their mortgages.  Today, Shanna Tingom from Heritage Financial tackles some of these questions.What are the different loan types?PrimaryFixed Second or SecondHELOCAlso a Second mortgageWhat happens to my 2nd or HELOC if I refinance my primary loan?2nd or HELOC will need to be subordinated.  The lender needs to agree to let you keep it, and this usually adds more time to underwriting.Alternatively, any balance may be able to be included in the new primary mortgage and then the loan closes, so you could need to apply for a new 2nd or HELOC once you are done with your refinance.When does it make sense to refinance?Current rates are lower than the existing rate.  Usually want this to be at least 1% below your current rate, but the cost to refinance plays into that decision.Have a large HELOC or 2nd balance and the interest rate on that loan is high enough that it makes sense from a cashflow perspective to re