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Closing an unused HELOC in Texas

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pgdelpiero Joined: 12 Mar 2009 Posts: 1 1.37 Dollars($)	Posted: Thu Mar 12, 2009 10:52 am    Post subject: Closing an unused HELOC in Texas Like 0 Dislike 0 Hi, in November we opened a home equity line of credit to fund improvements to our home in Austin, Texas. We've never used the HELOC (the balance has always been zero), and now that mortgage rates are more attractive we're interested in closing the HELOC to remove the lien and instead fund the improvements with a conventional "cash-out" refinance. The total, new loan would be well under 80% of the home's appraised value, as required. We've heard different stories about whether we can close out HELOC now and refinance right away, or have to wait until next November to proceed. Can you advise? Thanks in advance.
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Mar 12, 2009 11:02 pm    Post subject: Like 0 Dislike 0 Hi pgdelpiero, As far as I know, you will have to wait for a year in order to refinance the mortgage. It would be better if you could speak to your lender in this regard and take his opinion on this issue. Thanks

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