Verifies the terms of liens other than a first mortgage against a property.
You may be asked to provide this information as part of an analysis of your total financial situation. Some examples of subordinate financing are:
- Second mortgages
- Amount of a home equity loan or home equity line of credit to be disbursed at or after the closing and after any right-to-cancel period
- The outstanding balance of an existing home equity loan or home equity line of credit
Verification of these liens can usually be made with:
- A credit report
- A copy of the note
- Verification from the lender
- A copy of the loan or line of credit statement
Tips for a smoother application process
- Make sure documents are clear and legible.
- Don't alter any pages (no strikethroughs, cross-outs, etc.).
- Send all pages, even the blank ones.
