I need to refinance a home equity line of credit on brownstone and need to quickly learn about the ins and outs of such decisions.

Asked by Caryn, New York, NY Wed Feb 27, 2013

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Michael Denniston’s answer
Michael Denn…, Agent, Queens, NY
Thu Feb 28, 2013

Replacing the variable rate on a HELOC with a fixed rate mortgage at today's historically low rates is a prudent decision. There are many factors to consider including your credit and financial profile, the # of units in your Brownstone, are there rental units, the amount of equity you have,the expected loan amount and what your near and long term goals are for the property and yourself. Just to name a few. I have extensive experience assisting homeowners with these decisions throughout NYC and the suburbs. For more information or for assistance, I can be reached directly at 917.699.0183. Follow me on twitter @mdenniston247.

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Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
0 votes
Russ Ravary, Agent, Commerce Township, MI
Thu Mar 7, 2013
You should never use your house as a bank. If your home equity line of credit is only going up then you are most likely making the wrong decision
0 votes
John Peitler, Agent, NY,
Thu Feb 28, 2013
Please contact me for assistance. My name is John and I can be reached at 212-714-1027 ext 16.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Thu Feb 28, 2013
For personalized answers begin by consulting with any licensed loan officer...
0 votes
Mark Fisher, Mortgage Broker Or Lender, Bronx, NY
Thu Feb 28, 2013
Hi Caryn, i would be happy to discuss your options with you. In order to refinance your line of credit and possible current mortgage, you will need to have 20% equity in the property if its your primary residence or 25% equity if its an investment property. Depending on how long you plan on owning the property will determine how much sense it makes to refinance or not. You can reach me directly at (347) 242-1206 or email me at mfisher@unitednorthern.com
Web Reference:  http://www.markfishernyc.com
0 votes
Tom Dawson, Agent, New York, NY
Thu Feb 28, 2013
I would encourage you to talk to at least one mortgage broker instead of a loan officer at a bank. A mortgage broker will have offerings from many sources as opposed to a loan officer only selling his bank's product. Of course, if you have a banking relationship, by all means talk to that person.
Hopefully, you still have adequate equity to re fi. Once that's determined you need to look at things like interest rates, term, payments, initial costs.
0 votes
Michael Cheng, Agent, San Jose, CA
Wed Feb 27, 2013
You should discuss with a loan officer and proceed once you're fully confident about your decision.
Web Reference:  http://www.archershomes.com
0 votes
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