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Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.
Despite its technical-sounding name, the subordination agreement has one simple purpose. It assigns your new mortgage to first lien position, making it possible to refinance with a home equity loan or line of credit. Signing your agreement is a positive step forward in your refinancing journey.
If the subordination request is approved, the agreement will be executed by the home equity lender and recorded in the applicable land records. The subordination agreement serves to make the home equity line of credit subordinate to the newly obtained mortgage even though the new mortgage was recorded after it.
If the propertys value drops or the refinanced loan is greater than the previous loan, the second lender may refuse to subordinate. As such, homeowners may face difficulty in refinancing the mortgage. Additionally, due to the risk involved, second mortgages usually carry a higher interest rate.
The creditor usually will require the debtor to sign a subordination agreement which ensures they get paid before other creditors, ensuring they are not taking on high risks.
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Who Benefits from a Subordination Clause? A subordination clause is meant to protect the interests of the primary lender. A primary mortgage usually covers the cost of purchasing the home; however, if there is a secondary mortgage, the clause ensures that the primary lender retains the number one priority.
In case the borrower places other liens against the asset, such as a second mortgage, the lender would require a subordination agreement to protect its interests.
Subordinations are, essentially, a way for a lender to ensure that their lien takes priority over any other liens a customer may have on their property. This process costs money, which is what you pay for in a subordination fee. This fee may apply to a mortgage refinance, depending on your circumstances.

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