Canadian Realestate Magazine forum is the place for positive industry interaction and welcomes your professional and informed opinion.

What happens to HELOC when I refinance my home?

Notify me of new replies via email
JeffWall | 25 Feb 2015, 12:12 AM Agree 0
I have a HELOC which is still owed over my house in New Jersey. But now I have got a better offer to refinance with Aspire FCU, so I want to know what should be done with my HELOC. Should I pay off the HELOC or can it be added over to the refinance? Or can I continue both in parallel? Please help me here, I have no idea what to do.
  • Emmalawley | 04 Jul 2015, 05:19 AM Agree 0
    Most homeowners can't pay off and close their HELOCs when they refinance their first mortgages. Many homeowners also can't refinance their first mortgages and pay off and then close their HELOCs with "cash out" proceeds from their refinanced first mortgages. Generally, if you'd like to refinance your first mortgage without having to subsequently .

Post a reply