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Will my lender re-subordinate my second lien?

Q: What happens if we have a 1st mortgage and a 2nd mortgage that combined are 85% of appraised value?  Do you think Wells Fargo will subordinate the 2nd mortgage?

A: We cannot speak directly for Wells Fargo, but since you have a pretty solid equity position they should certainly consider it. Many mortgage lenders will only re-subordinate their second lien if they also hold the first, and if Wells is also your first mortgage holder you should have less trouble. If you do have two lenders, you may need to consider refinancing your first to Wells.

More help from HSH.com

  • When refinancing at a higher rate makes sense

    Trade your old mortgage for a new, higher-rate version? There are times when it actually makes sense.
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    By making extra principal payments or refinancing your mortgage, you could pay a lot less interest and free yourself from your mortgage ahead of schedule. Here are the pros and cons of retiring your mortgage early.
  • Are ten-year fixed-rate mortgages (FRM) available anywhere?

    Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings.

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