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Refinance First while keeping HELOC

Home Value = $900K
 First = $400K (BofA)
HELOC = $100K (BofA)

I want to refinance the first mortgage to get a lower interest rate. Can somebody here do it?
  • June 08 2012 - Irvine
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Answers (2)

Yes, this is easy to do, the HELOC will need to agree to re-subordinate (stay 2nd position).  Based on your Loan to Value, that will be very easy to get them to approve.  

Keeping your primary loan at 400,000 is also a good idea as you will avoid "high balance" classification and get the best available conforming rates.

  • June 08 2012
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Absolutely!  Enter your scenario in the Zillow Mortgage Marketplace to get quotes from tons of lenders.  If your HELOC was used to purchase your home or if not, but there have been no draws on it within the past 12 months, enter your loan amount as $500k and as "no cash out" refinance.

If your HELOC was not used to purchase your home and you have had draws in the past 12 months, enter the loan amount as $500k with $100k cash out.

Good luck!
  • June 08 2012
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