Just wondering, can one have a home equity loan, and still refinance their 1st mortgage? Thank you?
Tags:bad decisions, chunk, home equity loan,
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We done a little bad decisions as well as need to compensate of a little debt, a home equity loan would assistance as well as reduce a total payments, though you have been additionally seeking to refi in an additional 3-6 months, though there is no approach you can compensate of a largest cube of the debt prior to then.
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- Can a new home equity loan amount be larger than your mortgage balance?
- Paid off investment home. Can I take a 1st mortgage on that property or must I go with a home equity loan?
Yes, you CAN refinance just the first mortgage, and you CAN take out more cash with just the first, but the 2nd mortgage lender has to agree to "subordinate" (which means to stay in 2nd lien position).
Lien position is not based on the type of loan (since you can have a home equity line of credit in 1st lien position). Lien position is based on the date and time which the lien was filed. When you do a 1st and 2nd at the same time, they file the 1st and then the 2nd. When a lender agrees to "subordinate", they are agreeing to stay in 2nd lien position even though the new 1st mortgage was filed AFTER.
If you have anymore questions, feel free to e-mail me.
Yes you can have a heloc and a 1st. But if you’re going to refi in 3-6 mos why would you get one now.
Do you have a reason for waiting that long? Waiting for a 30 day to be 12 mos old?
Will you have the equity in your home to refi in 3-6 mos if you take out a heloc now?
Contact a broker who can tell you what doing x may do to you plans for y
Open Book Advisors™
if you take out a second then try to refinance the first, you can not get more equity out of the first note over the second note,
so you can refinance for the same amount on the loan to get a better rate but you will not be able to increase the first loan amount borrowed on the property, since that would cause the first note to become junior on the add part to the home equity which came first
Yes, you can. However, this would not make the most sense if you are looking to refi in the next 3-6 mo. Unless, you are waiting for a prepay to expire and you cannot wait! I recently refied into an FHA loan 30 yr fix at 6% with no prepay. I was also able to go 95% of what my home is worht and payoff a ton of debt. This is unheard in the real world. check out FHA, there are a few restrictions but it was easy for the most part. Try http://www.lowerfixedrates.com they set me up nicely!