Financing in Atlantic City>Question Details

Eileen Barker, Real Estate Pro in Ventnor, NJ

can I refinance the home mortgage and still keep the equity loan with the original bank?

Asked by Eileen Barker, Ventnor, NJ Wed Aug 25, 2010

Help the community by answering this question:


Only if the bank that holds the home equity loan is willing to subordinate, and if the new mortgage company will allow it. Now if you can do a second home equity loan instead and use it to pay off the first mortgage then most likely yes. For more on that read this article title, is a home euity loan cheaper then a mortgage:…
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0 votes Thank Flag Link Sat Aug 28, 2010
Barker Eileen,

Be very careful of what answers you get. The answer below is very misleading because there has to be several questions asked that are very important. One major question is to ask if you have used your home equity loan in the last 12 months. If so, it will fall under the cash-out guidelines. One would need to know if you currently have a FHA mortgage or a conventional mortgage, because each one has CLTV restrictions that are different. And FHA's guidelines are changing as of September 7th. One would need to go a step further to know if your home equity was used for repairs and or used when you bought your home. What the person below is stating is that you need to see if your bank will subordinate the home equity. And you will need someone to ask many important questions and not just a yes answer.

If you need any further help, please don't hesitate to call me or e-mail me.

jeff c ell : 609-440-5133 e-mail :
0 votes Thank Flag Link Wed Aug 25, 2010
Yes! If your equity lender will agree to stay as 2nd mortgage and your CLTV is okay for your lender.
0 votes Thank Flag Link Wed Aug 25, 2010
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