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MAXWELL
No, when you refi you need to pay all of the new loan. You will have to refi both loans together.
ABRAHAM
NOPE. Would have to get new HELOC at minimum, after the refi. Better to roll them into one loan if at all possible, particularly while rates are so low. But you need equity in home in order to do that and with declining home values, it’s a problem, also those HELOCs for 145% or 150% of home value–which are stupid normally and disastrous in this financial era.
MARSHALL
Yes, you can refinance just the mortgage and leave the heloan or heloc as it is. In fact, if you live in TX, this is what you should do, rather than combine the loans.
But the value will affect whether you can do it at all. If you have a $100,000 property, and the first is $60,000 and the 2nd is $40,000, it doesn’t matter if you refinance one or the other. You’re not likely to be able to refinance at 100%. You’ll be approved for a specific loan to value (LTV) and the two loans have to fit into that LTV no matter which you’re refinancing.
I’d stay away from Helen’s loan. That exact same message is on several questions today. My impression is that she’s soliciting business which is not allowed on this board.
CESAR
the biggest problem the second would have to subordinate to a new first and most will not do this with out looking at the appraisal for value. If you are going over the equity in the home then there is no way they will do this at this point in time.