Our volume of IRRRLs (Interest Rate Reduction Refinance loans) for VA continues to increase due to market conditions.  Last year it was impossible to do subordinations, in which a client kept their second mortgage as it is, while trying to refinance the first.  In a subordination agreement, the second loan is not paid off but, the lender who holds the second mortgage agrees to keep your loan intact and remain in second lien position on your house. Getting a subordination allows you to refinance your first mortgage to lower your interest rate.  We have had certain situations where people dropped their first rate but still have the second.

Kerry N. Greenwald

NMLS # 70269

Sr. VA Loan Specialist

Creekside Mortgage Inc.

360.571.LOAN (5626)