In this situation, you’ll have a little extra work to do. We’ll need to get the permission of your second mortgage lender to pay off your existing first mortgage and replace it with your new first mortgage. Generally, their major concern will be the relationship of your new loan amount to the value of the home.
Your second mortgage lender will probably ask us to provide some documentation such as a copy of the mortgage note you’ll be signing and the appraisal before they provide their approval. We won’t be able to schedule your loan closing until we receive their approval. You may want to consider a lock period of more than 30 days to ensure we don’t run out of time.