Question on refinancing a HEL?

NEW -> Contingent Buyer Assistance Program
Qwerty....it's my bad to confuse the HEL for a HELOC. However, LawyerLiz didn't offer any help...rather just offhanded criticism or sarcasm, she seems to have a pattern with this type of posting in other threads.
 
It doesn't matter what the terms of the mortgage are. It is possible to have a Home Equity Line of Credit as a first mortgage. All your uncle has to do is pick up the phone and call one of the thousands of loan officers in Orange county. It is a simple refinance transaction. Is your question about how the refinance transaction works.
 
Thanks Lending. Yes, what is the actual process...meaning how does the money flow?





He took at an HEL for $300k at 6.25%...he's probably paid off about $10k thus far. So I'm guessing in about 6-9 months, he'll probably be able to find 5.25-5.5% HEL.





How does it work if he goes to Joe Broker when he did the first HEL with Tom Broker? How does the servicing work? Does the new broker contact the old one and takeover the loan and apply the lower rate?
 
how does the money flow....



new loan pays off old loan...if balance is $300k and new loan is $300k you will pay some for closing costs. you don't see any money unless you refi with cashout



it's such a simple transaction that one knows how to anwser...



mortgage is better the loan... you can tax-write off almost all the cost incl. interest
 
You must log in or register to reply here.
Back
Top