lien

Will Arch allow the payoff of a non-purchase money second lien as a rate/term refinance?

Under our Standard Program, Arch MI will allow the payoff of an existing second lien seasoned for a minimum of 12 months to be considered as a rate/term refinance.   The 12 months’ seasoning will be measured from the note date of the existing subordinate financing to the application date of the new loan.  If the subordinate lien is a Home Equity Line of Credit (HELOC), total draws for the last 12 months may not exceed $2000 (a loan history for the last 12 months is required to document total draws).