Tag Archive | "mortgage"

Paying Off an Original Home Loan with a HELOC

For a small number of homeowners, the mortgage crisis has created the “perfect storm”: rates have dropped significantly but their HELOC limits have stayed the same. For those who have a home equity line of credit with a limit exceeding the principle owed on their original home loan, it can be tempting to pay of [...] [...more]

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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 [...] [...more]

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