Question : is it possible to refinance a heloc without refinancing your first mortgage?
I have a good rate with my first mortage at 4.25 fixed for 15 years. I also have a heloc that is adjustible and is at about 8.5 percent right. I would like to refinance the heloc without loosing the rates on the 1st. Is there such a thing?
- asked by JustSomeGuy
All Answers:
Answer #1
yep....it's called a 2nd mortgage
- answered by Carolinahomerates.com
Answer #2
YES! The only thing you may encounter is atermination fee, generally $500. Actually, tryingto refinance your first and keep a Heloc is muchmore complicated. The Heloc lender would have toagree to subordinate their lien.Are you thinkingof refinancing from a Heloc to a fixed rate 2nd? Remember the Fed just cut short term rates, soPrime is already down .5% and more cuts arepossible.
- answered by Chuck92121
Answer #3
Absolutely! Be weary of lenders who try to tellyou different. The best thing to do is to eithercontact the current lender for your HELOC and askif you can refinance it into a new Fixed 2ndmortgage or perhaps they can lock your HELOC intoa fixed rate. The fees are usually less if any.You can also try a major bank or credit union.Your rate should have gone down about .50 % withthe recent rate cut, but there is no guaranteethat rates won't go back up again.
- answered by Martha A
Answer #4
Yes you can w/ a 2nd mortgage and DON'T let anyonetalk you into refi-ing out of that first. I havethe same exact first and I would have to beinsanely desperate to give it up!Good LuckOpenBook Advisors
- answered by Open Book Advisors™
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