Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago,

User Stats

305
Posts
224
Votes
Derek Tellier
Pro Member
  • Real Estate Agent
  • Sevierville TN
224
Votes |
305
Posts

Refinance and Heloc Questions

Derek Tellier
Pro Member
  • Real Estate Agent
  • Sevierville TN
Posted

Obviously I need to actually talk to a lender about this but looking for general information on how this could/would work. 

I have a 1st Mort on my PR, balance of about $97K, I also have a $50K Heloc with a Balance of $48K (served as a 2nd initially but has been used for a New Deck, Roof, Heat/Air Unit, etc over the years so I haven't hardly reduced the balance). 
I'd need to get an appraisal to get accurate current value but last value for Tax assessment was $180K which I feel is likely low. I'd say $200 is safe. 
If I were to Refi with the intention to get cash out to pay off the Heloc, and any more I could to get some cap to use towards an investment property, the likely max Refi will be 70% LTV correct? So only $140 which doesn't even pay off the Heloc.
If I were to attempt to do this would the lender (doing the Refi) likely want to pay the Heloc lender directly? Would the Heloc likely have to be closed or would I still have access to it? 
Bottom line if I did a Refi that gave me just enough to cover the current 1st and the Heloc what are the chances I'd still have access to that Heloc to use for REI?
I know too many variables and I need to talk to a Lender, just wondering if I'm just basically living in a dream world that this would work out to my favor. Maybe a Home Equity Loan consolidates them and I get cash out? Again is it unlikely I'm able to keep the Heloc as well though? 
Thanks 

  • Derek Tellier
  • derek@derektellier.com
  • (865) 385-5782
  • Loading replies...