Definition

Subordination

An agreement in which an existing lienholder accepts a lower priority position, commonly required when refinancing a first mortgage behind an existing HELOC.

Nearby terms

SOFR The Secured Overnight Financing Rate, the benchmark index now used on most new adjustable-rate mortgages. Streamline Refinance A simplified refinance for existing FHA, VA or USDA borrowers, typically with reduced documentation and often no appraisal. Survey A drawing showing property boundaries, improvements, easements and encroachments. Tax Lien A claim by a taxing authority for unpaid taxes, which generally takes priority over a mortgage.

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