How do we refinance our HELOC without refinancing our 1st mortage?
by Mortgage Rates on Saturday, October 16th, 2010 | 2 Comments
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You will need to pay off a chunk of the HELOC to be able to refinance. Assuming that the appraisal comes in at $110K, you will probably only be approved for $36K (110K x 80% – 52K). If you cannot afford to do this, I would suggest that you just pay down your HELOC as fast as you can.
definately look into a fha mortgage refinance, they can go all the way up to 85% and if you obtained the second at the same time as the first then 97.5% apply here to see if they can help http://www.fhastreamline911.com