Question re. a second mortgage?

My husband and I bought our first home in May of 2006. We have been trying to refinance but are having problems because 1) we have not paid enough of the balance down yet and 2) it is a manufactured home.
Recently we ran into some personal problems which require some extra cash that we do not have. I called our credit union where we already have a personal loan out and have not been late at all. They told me our best bet would be a second mortgage and we could roll our personal loan into this. My husband thinks this is a terrible idea. I am not the best with finance matters of this sort. My main question is: will having a second mortgage make it harder to refinance, because we really need to do that at some point, we have an ARM and need a fixed rate. Please, any advice appreciated!

Register New Account
Reset Password