Pulling out Equity or Utilizing with HELOC

[Khaleel Zafer]

I recently bought my first home at 23 for 126,000. I put down 5% with a conventional loan and after appraisal, we came back with an appraisal of 145,000. Around 20k equity. I added in about 10-15k of rehab work. When I say news about new refinance seasoning changes from 6 months to 12 I was a bit frustrated since my plan was to refinance soon. After talking to my lender, I was notified that I would need to keep at least 20% of any refinance, I do, even a HELOC. I have two questions, is there anyway to refinance and get a decent bit of money out without having t to put most of it towards the home or refinancing fees. Second question is if I do get a HELOC let's say 25K, do I have to put majority of that towards 20% of home equity and start paying interest on it ? I believe my new home. 160K.