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Some HELOC Lenders Prohibiting First Mortgage Refinances
Some HELOC lenders are no longer agreeing to first-mortgage refinances, forcing customers to either payoff or refinance their HELOCs before refinancing their original home loans. How Can This Happen? When a borrower takes out a HELOC, the HELOC lender agrees to be subordinate to the first mortgage lender. In a nutshell: if the home must be foreclosed [...] [...more]