Mortgage Definition: Subordination
Basically, when refinancing a mortgage that carries a second mortgage, it’s required of that lender to sign a subordination document.
Justin’s expanded definition covers details regarding the steps and how to avoid potential pitfalls:
While it can be tricky to get a subordination approved, if you have a second mortgage it is important you remember that you will want to discuss the specific requirements with your loan officer before either of you spend a great deal of time and effort into refinancing your first mortgage.
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