So long as the 1st & 2nd don't exceed about 90% of the home's value ---and you have good credit--- you should have a variety of new mortgage options. You could re-finance both mortgages into one conventional mortgage, or an FHA mortgage. You may also consider adjustable-rate mortgages, and mortgages with a variety of terms, from ten years to 40 years. Right now, rates for a 15-year loan are about 2.60%, the lowest on record. The rate for a 30-year fixed-rate mortgage is around 3.50%. Don't delay, these rates won't be around forever, and if you miss these rates you'll regret it!