Home Loans
Available on Virginia owner-occupied homes only
Tax specialists suggest that one of the most affordable ways to borrow is by using the equity in your home. SYNERGY ONE offers:
Refinancing Your First Mortgage?
Use Loan Subordination to Keep Home Equity LOC/Loan Open
Are you planning to refinance your first mortgage to take advantage of today’s lower rates? Do you also have a second mortgage (line of credit or loan)? If so, you may not have to pay it off, consider a “Loan Subordination.”
With a loan subordination your Home Equity line/loan will remain open because the lenders involved acknowledge that one loan is junior (inferior) to the interest of another on the same property. Thus, the first mortgage lien holder has their interest protected by being placed in the “first position.” By considering a subordination, you continue to enjoy the benefits of your SYNERGY ONE Home Equity line/loan without interruption. This can also save your time and money.
SYNERGY ONE charges a fee of $100 for subordinating a Home Equity Loan/Line of Credit. For more information, contact the Loan Department: loans@synergyonefcu.org
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