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Can refine the initial sweep out on your HELOC loan?
Can REFIANCE on the initial sweep out your HELOC loan
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Is there any option for people who are
refinance HELOC through FHA loan?
In New Jersey, is a second mortgage, purchase
If I’m 30 years old to refinance with
second mortgage is a HELOC loan.?
Should I consolidate a HELOC loan and 1st
What are the pros and cons of a
Can I avoid a Short sale of my
Emergency help about my properity heloc loan please
You can if your heloc mortgage company agrees to subordinate and you have enough equity although there is the possibility to do an FHA loan for the 1st mortgage which would allow you to exceed 100% loan to value.
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LikeDislikeHi, usually you can not and if you utilized the equity line within one year you loan will be based on “cash out” refi guidelines. But, never say never, depending on the two lenders and the loan to value of the first mortgage, it can be done. Let’s say for example the HELOC lender will make you a new first mortgage. It can be done two ways. First they can subordinate the second (heloc) loan in favor of the new first mortgage by a subordination agreement. Secondly, they can release the heloc loan at settlement, make the new first mortgage and refile the heloc loan again as a second. Your loan to value will be an important issue as well. If they are different lenders, it can work the same way IF the closing agent and the two lenders agree, not a big deal, but it is cumbersome. Otherwise, pay the HELOC off if you can, interest would be cheaper and under much better terms! Good luck!
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