Contact Brian McCarty at Superior Mortgage. His number is 609-618-9939. he works in Atlantic County.

JP,

I have a list of the most common second mortgage companies, and if you'd like to follow with me on this I'd be happy to provide you with the requirements that will apply to the subordination of your HELOC. Often just by reviewing the subordination requirements, you can assess the likelihood of a smooth transaction and determine the best way to proceed.

Call or e-mail any time.

Best regards,

Rob Spinosa
rspinosa@mortgagemasterinc.com
877-270-5959

JP. As long as the combined loan to values does not exceed the limitations of the loan program, then you should be fine. Your HELOC lender will need to issue a subordination agreement. Basically that states that they will maintain 2nd position on your home and not move into 1st, which they have the right to do when the 1st mortgage is paid off. It is not a big deal but the lender may charge a small fee to subordinate ($100-200 or so)

The great thing about it is that you still avoid mortgage insurance and will get a great rate on the first.

If you have any questions or if I can be of any assistance, please let me know.
Luke Allison
Flagstar Bank
828-777-8828
Luke.Allison@flagstar.com

Apply Online: flagstarloans.com/lallison

Hi JP,

I'm not an expert in refinancing but I do work with a couple of great local lenders and I'm sure they can give you a definite answer to your question. Please call me at 609-484-9890 ext 132 or send me a message. I would be happy to get you in touch with them.

Best wishes,

Matt

JP

Yes you could refi just the first. However your Home equity lender will have to agree to resubordinate their Home Equity behind the new 1st mortgage. Each Home equity lender has their own guidelines regarding the subordination.

If your Home equity Loan was taken out at the time of purchase of the property then you might like to explore the possibility of refinancing both the 1st and 2nd loan into one. Assuming that your Home Equity Line of Credit is linked to prime .. prime rates will go up in the future .. they are currently at the lowest levels ever.

If you Home Equity was taken out after your purchase, as per fannie Mae and Freddir mac guidelines, your combining both the 1st and 2nd loan into one might result in a slighter higher rate as this will be termed a cash-out .. LTV guidelines might also preclude you from combing both the loans into one loan.

Do speak with your loan officer / mortgage consultant who will be able to advise you on your options based on your exact scenario.

All the best

Jaspal Chhachhi
Sr. Mortgage Consultant
Esat Coast Capital Corp

T: (646) 657-1858
F: (212) 202-6165
E: jchhachhi@eastcoastcap.com

Prime less .25 Currently 2.99%

If the bank will subordinate the second you can leave it be. What rate are you paying on the second?