Refinancing First Mortgage & New Larger HELOC?
Hi,
My current residence has a first mortgage of $197,000 and a HELOC of $21,600.
Are lenders willing to refinance first mortage of $197,000? and also take out a larger HELOC? The property has approximately $80,000 in additional equity.
I don't want my mortgage payments to be higher then they are now, would prefer a larger HELOC amount.
I heard that it's harder to refinance first mortgages when you have a HELOC as well. Usually people combine then but in this case I would not want to combine them.
Thank You
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