heloc in the middle of another Loan mortgage?

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Two things going on with the current lender doing the refinance:

1. The lender that is doing your refinance right now is watching your credit to make sure nothing new pops up. If something does show up you will have to do a 'letter of explanation' as to what the inquiry was for and if there is any new debt associated with the inquiry. If there is a new debt the lender will have to factor it into the debt to income. 

2. If you take out a HELOC on a property you are currently refinancing and you put one dollar on the balance of the HELCO the 'combined loan to value' CLTV will be different than the LTV and you usually get hit with a .375% cost increase on the loan.

Best to not to a HELOC while doing the refinance and if possibly wait to do it on any other properties (or be prepared to provide a statement and make sure you still qualify with your debt to income.