Important Fraud Alert: We have received reports from customers of phone, electronic, and mailed communications that falsely represent Sunflower Bank and/or our employees. If you are contacted by someone claiming to be from Sunflower Bank attempting to gain access to account information, password, or other sensitive information, contact us directly through a verified phone number. Remember, we will never ask you to provide your online banking login credentials or account information. Customer Care is available at 888.827.5564 for additional assistance.
Before You Get a Second Mortgage, Evaluate Your First Mortgage
05/15/24
If you are thinking about taking advantage of low interest rates to refinance your first mortgage, you may want to do so before you take out a second mortgage. Some first-mortgage lenders require you to pay off a first and a second mortgage before they will approve the loan. In other cases, the second may change your financial picture enough that you will not qualify for a first-mortgage refinance.
If you can save significant sums by refinancing your first mortgage, do that first. That way you take advantage of the savings over the life of the loan. Then look at a second mortgage. While you may be able to get a subordination agreement (an agreement allowing you to keep an existing second mortgage while refinancing a first mortgage) from the lender who offered your first mortgage, that may not always be possible.
In short: Focus on your primary mortgage first; then look at second mortgages for improvements, debt consolidation, etc.
Ready to explore how Sunflower Bank can assist you? Speak to a personal banker at a branch near you, contact a specialist on our Private Wealth team, or find the right financial partner on our Commercial Banking team for your business needs.
This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.