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mortage guys, help.
My first is with BofA. THe balance is 118,000. I am about to refinance my home but I have a line of credit with a smaller bank, Bank of the West. I used all of the funds, 250k for an investment property. I want to shorten my first to 15 years due to the low interest rate. My current home is worth about 650-700k. My question is will BofA force me to cancel my line with Bank of the West so they will control the total amount. The interest with bank of the west is so good that I do not want to have to reply again. I do not want to lose me line of credit. It will all be pay back by march or April this year. It is revolving. My rate is always one point below prime. Bof A want Bant of the West to sign a Subordination requirment. What does that mean? They stay as the 2nd lender?
Jeff
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