Updated over 7 years ago on . Most recent reply

How difficult should it be to refinance one of my properties?
I have a rental that was a live-in flip. I'm at 63% LTV between a first and a HELOC. Both the First and the HELOC are in my personal name since I lived there for 5 years before moving and renting it out. Now I want to refinance the HELOC so I can pull out the additional equity that has increased over the past few years since I opened it.
If I leave the First alone will it be impossible to refinance the HELOC and re-subordinate it? or will I have to refinance both 1st and 2nd? Any ideas?
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You'll have to get permission from the first mortgage holder to subordinate the HELOC to a higher ltv.
I'm assuming the first is at a much more favorable position than current rates. Refinance the HELOC is a good idea.