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Can I get a HARP refinance if I have a HELOC?

by TNugent from Redlands, California. Jan 7th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,683 contributions

Yes... your existing 2nd lender will have to re subordinate, and most do.. Keep in mind that they are under no obligation to do it, and there are a few lenders out there that might not re subordinate, so before you start the process, you might want to contact them and ask ahead of time.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jan 7th 2013
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Ken Burrows (mortgagesforamerica)
#20 ranked lender in Nevada - 572 contributions

Yes it isn't a problem. We just subordinate the 2nd. mortgage, we can help you with that as it's not that difficult. Give me a call and we can go through your options. We specialize in HARP loans. P: 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows

Jan 7th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Yes, HARP loans allow for re-subordination of junior liens, such as a HELOC if it is in 2nd Lien Position. You can also explore other options if you have any equity in the property. I'd be happy to discuss those options if you have any interest in sharing more details about your situation. You can send me a direct email through this site by visiting my profile or visit my website at www.123LoanYes.com. Have a great night!

Jan 7th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Absolutely. The HARP refinance does not have limitations in terms of whether or not you have a HELOC. Whoever you select as your lender will request a subordination agreement from your HELOC lender. You should not have a problem. Your lender should find out what the cost is to obtain the subordination and let you know.

Jan 7th 2013
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cuong do (cuongdorebroker)
#480 ranked lender in California - 1 contribution

yes, your 2nd lender (HELOC) will be re-subordinate into your new loan. Your loan should be own by Fredie Mac or Fannie. I can find out and check for you. Please contact me at; Cuong Do 714-306-6148.

Jan 7th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

yes

Jan 7th 2013
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Jeremy Redlinger (JeremyR)
#30 ranked lender in Minnesota - 191 contributions

Yes you can!

Jan 7th 2013
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Craig Prickett (cpmtgnow)
#159 ranked lender in Florida - 97 contributions

Yes its possible. I do Florida loans for past 24 years. www.firstfloridafin.com 954 558-4430, APPLY securely online

Jan 7th 2013
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Edgar Aranda (earanda)
#755 ranked lender in California - 93 contributions

Yes that is possible we do this all the time. The process for the 2nd mortgage to stay put is called subordination. When you choose your lender make sure they are a Fannie Mae direct lender. This will allow you more flexibility with Debt to income ratios and less documents from you to qualify, most importantly unlimited combined loan to value ratio. We can do all of the above. Contact is 858-663-0472 earanda@firstcal.net

Jan 7th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,908 contributions

Yes....

Jan 8th 2013
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J.D. Peck (MortgageColoradoSprings)
#45 ranked lender in Colorado - 77 contributions

Yes you can.

Jan 8th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

William's suggestion about checking with the current lender makes sense, but keep in mind they will likely want to handle the refinance themselves. Many of the larger banks who service loans have significantly higher rates currently than are available elsewhere in the market and their process is much longer than you can get elsewhere. It pays to check around. I recommend that you pick a good loan officer and lender to work with and let them check on your HELOC. Many already know which companies will subordinate and which will not. Be prepared that there may be a fee from the lender that has the HELOC to subordinate. I've see a charge of as much as $150 to process and agree to the subordination and would not be surprised if it is more elsewhere.

Jan 8th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

Yes it isn't a problem. We just subordinate the 2nd. mortgage, we can help you with that as it's not that difficult.

Jan 8th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#76 ranked lender in Florida - 2,240 contributions

Yes! Your heloc will have to be re subordinated. Harp will not allow you to pay it off through the new loan. Definitely check with your heloc company as to their guidelines and fees before starting the process.

Jan 8th 2013
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Steven Brand (stevenbrand)
#3 ranked lender in Minnesota - 103 contributions

You sure can. My best advice is to call my partner Charles Dailey as he's the smartest mortgage professional around. Seriously. www.iLoanHomeMortgage.com

Jan 8th 2013
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Brian Paris (bparis)
#632 ranked lender in California - 51 contributions

Yes you can! give me a call 1-877-990-HARP (4277)

Jan 9th 2013
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