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Question about HELOC

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selectfpr Joined: 03 May 2010 Posts: 3 1.72 Dollars($)	Posted: Mon May 03, 2010 1:21 pm    Post subject: Question about HELOC Like 0 Dislike 0 I have a 2nd home in Sedona, Az. Everything is good, credit scores over 770, plenty of equity, income and debt ratios are good. However, I am looking to get a HELOC and am having a problem because my 1st mortgage is a Neg. Am. But I have in fact paid off more principal than if it were a fixed mortgage. Original loan amount was $280,000 and 7 years later principal is now under $235,000.00 . Home value is about $800,000.00. So, is there a bank that will do a HELOC without refinancing out of the first. Thank you. [Email address deleted as per forum rules. Thanks.]
smithsussane Joined: 18 Sep 2008 Posts: 10382 Location: Alaska 976.66 Dollars($)	Posted: Mon May 03, 2010 8:40 pm    Post subject: Like 0 Dislike 0 Hi selectfpr! Welcome to forums! I guess you want to take out a HELOC on your second mortgage. In that case, I don't think it would be a problem as you have equity in your second property. You do not need to refinance the second loan in order to get a HELOC. You should contact your present lender and check out if he can help you in getting a HELOC. Feel free to ask if you've further queries. Sussane

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