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Updated over 7 years ago on . Most recent reply

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132
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Patrick Martone
  • Engineer
  • Monmouth Beach, NJ
25
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132
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How long does it take to refi out of a HELOC? Any obstacles?

Patrick Martone
  • Engineer
  • Monmouth Beach, NJ
Posted

How long does it take to refi into a home equity loan from a HELOC? What should I watch out for?

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Tom Gimer
  • DMV
3,417
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Tom Gimer
  • DMV
Replied

@Patrick Martone

If you refi out of your HELOC, your line of credit will be closed and you will no longer have access to it.

If you have a bunch of equity in the subject property, you could ask the bank to increase the line OR or you could get a new first and at the same time pay down and subordinate the HELOC.

  • Tom Gimer
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