Having an existing home equity or 2nd trust line can cause a problem when refinancing your mortgage. Unless you are closing the equity line/2nd trust and paying it off by wrapping it into the new loan amount, keeping your equity line/2nd trust could cause a problem in several ways. Read the rest of this entry »

When you refinance your existing mortgage, if you have a home equity line or 2nd trust, the new bank will want a subordination agreement. What is this? Is a subordination agreement some sort of mortgage gibberish, or something that is really needed?

A subordination agreement is something that shows the 2nd trust lender will 'subordinate', or stay in 2nd trust place, when the 1st trust refinance takes place. Read the rest of this entry »