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Tag Archives: Refi

Biggest Drawback to Virginia’s Auto Subordination Rule Makes Sense

The auto-subordination provision in Virginia’s statutes has provided many borrowers with an opportunity to refinance and get a lower rate and payment on their mortgage. Virginia’s Auto Subordination Rule It continues to be one of the most highly searched terms on this website among others such as large deposit verification, RESPA violations and penalties, HUD-1… Continue Reading

Virginia AutoSubordination Does Not Work with a Cash Out Refi

I have discussed the use of the Virginia autosubordination provision in previous articles.  There, I shared the lending industry’s new acceptance of the statue which has existed since July 1, 2000. The Virginia AutoSubordination Provision I also outlined the provisions under which the Virginia AutoSubordination provisions can be utilized.  This included a limit of $150,000… Continue Reading

Float Down from Low Rates to the Lowest Rates

Mortgage interest rates were low.  Then they went lower! Several weeks ago I was able to “float down” four different loans that were approved and awaiting closing or that were in some state of lender compliance or underwriting.  That means lower rates and payments for our borrowers. Some of these borrowers received a rate that… Continue Reading

Too Many Miss Out on Refinance Opportunity

About 2.3 million homeowners could have refinanced their mortgages last year if they didn’t owe more than their homes were worth or if lending standards weren’t so strict, according to a Federal Reserve study released last fall. AP About 2.3 million homeowners could have refinanced their mortgages last year if they didn’t owe more than… Continue Reading

Virginia’s Auto Subordination Rule Is Being Accepted by Industry

The ice dam in Virginia’s world of mortgages is beginning to break up and melt.  Fear is receding and sanity is once again showing up on the horizon. Virginia’s Auto Subordination Rule Lenders are beginning to embrace the Virginia Code Section  § 55-58.3 entitled “Priority of Refinance mortgage over subordinate mortgage”.  This will make refinancing… Continue Reading

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