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When refinancing, can I just refinance my Home Loan with out refinancing my Home Equity loan?

Can I just refi my origanal home loan by itself, since it is in a 5/1 arm without rifinancing my equity loan as it's already in a 30year fixed?
  • September 16 2009 - Graham
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Answers (5)

If you would like I can send you an excell spreadsheet calculator that determines if a Fannie/Freddie loan would fit your situation.

The answer as stated by David Skow is that it depends on a lot of things...there are roughly 20 pages of guidelines and info acting behind the scenes on the calculator.
  • September 29 2009
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Hi,
With an FHA loan, you can refinance your first mortgage into a fixed rate and leave the second mortgage open, so long as that lender is willing to resubordinate.  The good thing about this is that the FHA loan allows you to do this without looking at the combined loan to value.  So long as your first mortgage is 97% or less of the appraised value of the home and you can meet the other regular FHA guidelines, it can be done
 You should speak with an experienced FHA Loan Officer that can assist you get this done.
Good luck.

  • September 17 2009
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Yes you can. You would subordinate it, but like Dave said, you do need to meet requirements. Usually as long as the 2nd lender (Heloc lender) is ok with subordinating you can, as long as the combined loan to value is not too high. Get with a trusted Mortgage Consultant, they will help you determine the best route. Best of luck!
  • September 16 2009
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Yes you can, but it depends on a few things. Your biggest hurdle will be combined loan to value between both loans.

If your combined loan to value is 95% or less, you should be able to keep it in place assuming your current 2nd lender will re-subordinate the new 1st.

If you combined loan to value is greater than 95% you will need to see if your current 1st loan is held by Fannie or Freddie (www.makinghomeaffordable.gov). If it is, then there is no CLTV limit.
  • September 16 2009
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Profile picture for daveskow
the ability to do all depends on many things

balances on both loan
value of home
your ability to qualify
  • September 16 2009
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