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What does it mean to subordiante a second mortgage? Can I refi my first and leave the second as is?

by JodiOber1971 from Santa Clarita, California. Aug 11th 2010 Reply


Gregorio Denny (GVDenny)
#255 ranked lender in California - 380 contributions

Your second question just answered your first. If you refinance the first and keep the second, that is exactly what it means. You can do this if the second lien holder agrees to do so. Specific requirements are different for each lender as to when and under what conditions they will, but it's common and certainly possible. Contact me for specifics and I'd be happy to assist you. Gregorio Denny --WeFixRates.Com--

Aug 11th 2010
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Rudi Hofmann (CaPortfolioLoans)
#279 ranked lender in California - 380 contributions

Lew gave you the best answer. Although, very few will be willing to subordinate and this will take longer to find out. Which means maybe a longer rate lock. You would probably be better to get a new 2nd with you new first or have both rolled into one loan if you meet guidelines. .... Happy funding, Rudi

Aug 11th 2010
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Kevin Lane (Kevin Lane)
#114 ranked lender in California - 7 contributions

Hi , subordination is when the existing 2nd loan agrees to be junior (Subordinate) to a new 1st loan. The advantage is that a new 1st loan at a lower rate , with lower monthly payment, can be put in place leaving the existing 2nd loan "as is", your existing 2nd is left "as is".We would be pleased to take some more information and carry out the subordination and new 1st loan for you. Rates are as low as 4.25 % , 30 year fixed currently. Feel free to email kevin@sdlend or call me 760 212 7991

Aug 11th 2010
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Brett Pehrson (brettpehrson)
#19 ranked lender in Utah - 227 contributions

Lew and CaJumbo have got you pretty well covered with their answers. But this is totally possible, and pretty common right now, I've done a handful like this already.

Aug 11th 2010
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