Many Orlando homeowners have both an initial mortgage and a second home loan or home equity line of credit. A few years ago 80/20 loans were very popular, where 80% of the home's price was borrowed with a first mortgage, and the outstanding 20% was borrowed with an additional mortgage. This permitted 100% financing without paying private mortgage insurance, and was generally provided by banks and mortgage lenders throughout the country. A second house loan or home equity line can 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 regions of the US.

Today's affordable Orlando mortgage rates have many homeowners interested in refinancing. In case you're one of the many with a second home loan you may be thinking, what will occur to that loan during the refinance?

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

The first option involves taking out one larger mortgage which will pay off both your current first and second mortgages. 100% funding is tougher to get these days, so you most likely need to have some equity in the home to be eligible for one mortgage with a higher loan amount.

The another option, subordinating the second mortgage, suggests that you will keep the mortgage active and refinance simply the first home loan. Even if you qualify for a mortgage that would pay back the second loan as well as the first, you may prefer to hold onto it due to a significantly low interest rate, or to maintain an open equity line you may take advantage of if required down the road. In an effort to subordinate the mortgage the lender who holds the second mortgage must accept to take second lien position, meaning 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 give the subordination agreement required to proceed with the refinance. It can however take some time to receive so this should be accounted for when planning the time line of your Orlando refinance.

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