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Updated over 7 years ago on . Most recent reply

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Tyson Hosey
  • Rental Property Investor
  • St. Louis, MO
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How difficult should it be to refinance one of my properties?

Tyson Hosey
  • Rental Property Investor
  • St. Louis, MO
Posted

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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Stephanie P.
#5 Mortgage Brokers & Lenders Contributor
  • Washington, DC Mortgage Lender/Broker
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Stephanie P.
#5 Mortgage Brokers & Lenders Contributor
  • Washington, DC Mortgage Lender/Broker
Replied
Originally posted by @Tyson Hosey:

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?

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.

  • Stephanie P.
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