I bought a condo… 100% loan… the first loan is $170k at 5.7% fixed for 10 years & the 2nd is for $50k, variable rate… currently at 9.1%… the constant raising of the payment every month is annoying… I bought the place for $220k… similar are selling for $230 - 238. What the best option for getting rid of the variable 2nd mortgage into something fixed…
I think you answered your own question, refinance your variable 2nd into a fixed. Fixed 2nds are usually in the form of 30/15 (30yr amortized loan due in 15yrs). If your credit is ok you shouldn’t have a problem.
You will probably be best served by going through your local bank on something like this (refinancing your 2nd only). They usually do not care about seasoning on “stand alone” 2nds, and can do the loan at a reasonable rate with no closing costs.