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Does the home equity have to be rapaid to refiance a rental property with mortage and home equity?

I own a rental property with an adjustable loan (4.75%) coming up for renewal in early 2010 that I a carry a home equity loan also.  To refinance this property, do I have to pay off the home equity loan first?
  • March 22 2009 - Los Gatos
  • 0Yes

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Answers (1)

No. Provided the new lender and the HELOC lender both agree, and provided you do not exceed the combined loan to value (CLTV) limites, you can have the HELOC subordinated to the new first mortgage.
  • March 22 2009
  • 0Yes

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