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Can you refinance a first mortgage with no cash out, just lower rate and term if you have a HELOC that is only 10 months old that you want to keep and subordinate?

helping_user · Posted: Mon Feb 02, 2009 11:39 pm Post subject:

Welcome guest.

I think you can refinance a first mortgage with no cash out option. In order to keep the Heloc as a subordinated lien, your lender or you need to sign a subordination agreement with the second mortgage holder.

By the way, how long have you taken out the first mortgage?

gmakerley · Posted: Sat Feb 14, 2009 7:20 am Post subject:

yes, confused, you can refinance your first mortgage without taking cash out. in order to resubordinate your heloc, you will need the approval of that lender. if you have sufficient equity in your property, that lender will likely acquiesce in the resubordination.

donaldterry · Joined: 22 Feb 2009 Posts: 6 3.46 Dollars($)

CALL HELOC LENDER FIRST AND ASK WILL THEY APPROVE BEFORE SPEND A LOT OF TIME IF THEY SAY YES YOULL NEED TO KNOW UNDER WHAT TERMS AND IF YOU CAN MEET THEM. IF YOU NEED HELP FEEL ME TO EMAIL ME.

DON TERRY

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