When you refinance your primary loan, it will be considered a financing event. You will have to pay investors their share. If you have a mortgage when you Invown, the investors will be given the second lien position behind your mortgage. During the refinance process, you will pay off the first loan. At that moment, your investors will immediately take the first lien position. The mortgage company you refinance with will require that you pay off the investors when you refinance so that they can take the first lien position.