The second mortgage (also referred as home equity loan) is a type of mortgage whose interest rate normally higher than the first mortgage. The interest rate is much higher as we are taking more time to pay the second mortgage after first mortgage to the mortgage lender.
You can save some money by refinancing your second mortgage with lower interest rate. You can also do one thing, just combine your first and second mortgage and make a new first mortgage. Here my suggestion is that if you go for option (new first mortgage); I think you will be more benefited. This option will help you to simplify your payments term and also your interest rate will be more reduced than normal.
Options for refinance:
You can get 3 types of refinance options at a time and can choose any one:
1. You can consolidate your first and second mortgage
2. You can go for refinance for your first mortgage
3. You can also choose for refinancing second mortgage
I think if you go for refinancing your second mortgage you can probably get little bit extra benefit.