Yes. A refinance loan could pay off your first and second mortgages, replacing them with a single loan. If you have a HELOC or home equity loan you may choose to keep it while refinancing only your first mortgage. Be sure to tell your loan officer about your HELOC as you begin the refinancing process. The lender will need to ‘subordinate’ the second mortgage under the new first mortgage. The subordination process can take time depending on the second mortgage lender. So ask your lender to start this process early in your refinance.