Many Orlando homeowners have both a first mortgage and a second home loan or home equity line of credit. A couple of years ago 80/20 loans were quite popular, where 80% of the home's value was borrowed with a first home loan, and the outstanding 20% was borrowed with an additional mortgage. This permitted 100% financing without paying private mortgage insurance, and was commonly provided by banking institutions and mortgage lenders throughout the state. A second mortgage or home equity line could also be taken out after the purchase so that you can make use of the equity in a home without refinancing. This also was an extremely common practice in recent years as property values climbed quickly in many parts of the US.

Today's cheap Orlando mortgage charges have many property owners interested in refinancing. If you're one of the numerous with a second home loan you may be thinking, what will occur to that loan during the refinance?

In general you have two choices: pay off the second home loan or subordinate it.

The first choice involves getting one larger loan which will pay back both your current first and second mortgages. 100% funding is tougher to obtain these days, so you most likely need to have some equity in the home to qualify for one mortgage with a higher loan amount.

The other option, subordinating the secondary home loan, means that you simply keep the mortgage active and refinance simply the first house loan. Even if you qualify for a mortgage that would pay off the second loan along with the first, you may choose to hold onto it because of a particularly low interest rate, or to retain an open equity line you may take advantage of if required down the road. In order to subordinate the mortgage the loan company who holds the second home loan must agree to take second lien position, which means they might be repaid after the holder of the first home loan in case of a foreclosure.

Many second mortgage lenders will agree to a subordination and provide the subordination agreement required to proceed with the refinance. It can nevertheless take some time to receive so this should be accounted for when preparing the time line of your Orlando refinance.

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