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Can I refinance my converntional loan and my heloc to have one loan at a lower rate?

I want to pay lump sum on HELOC so that total amount on HELOC and conventional loans together is $280k (appriasal value).Current Conventional is 237k HELOC is 70K-- current appraisal for home is 280K. Credit in 710-725 range. Can I do this? by lkirk3_262_103 from Scottsdale, Arizona. Oct 24th 2011 Reply


Lynne Dewar (ldewar)
#47 ranked lender in Arizona - 16 contributions

You can't have a 100% loan to value loan when you are combining a first and a HELOC.

Oct 24th 2011
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David Kester (davidkester)
#76 ranked lender in Arizona - 23 contributions

We can refinance your 1st mortgage, however since you owe more they the appraised value you can't finance both loans at this point. To discuss more please contact me at dkester@thelendingco.com or 480-284-5254.Thanks,

Oct 24th 2011
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JENNIFER URANGA (JennatAmerifirst)
#43 ranked lender in Arizona - 40 contributions

When you pay off a HELOC or second mortgage on a home by combining the loans together you are actually doing what is considered a cash out refinance. Your value for you home would need to be 307k in order to cover the amount needed to pay off the HELOC. It looks as though your appraisal is at 280k which means you would need to cover the balance plus cost for the loan in cash.

Oct 24th 2011
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David Kester (davidkester)
#76 ranked lender in Arizona - 23 contributions

Are you a Veteran? dkester@thelendingco.com

Oct 24th 2011
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Gordon Dempsey (travlerm)
#26 ranked lender in Virginia - 26 contributions

you may qualify for a 100% loan that i can get you However you will have closing costs that you will have to pay at closing.Your credit score is good so that will help you. I would have to have more information on your property and where it is located in Arizona. Our company is licensed in AZ, so give me a call at 540 293 9296 Ask for Gordon Dempsey

Oct 24th 2011
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,821 contributions

Unfortunately in today's lending world, lenders are not making loans where the loan-to-value exceeds 100%. Based on your information, your loan-to- value is almost 110%. However, it may be possible to refinance the First mortgage into a lower rate, and obtain some cash out to reduce the balance on the second HELOC. If I had moe details, I could provide you with better options. Please give me a call at 480-889-9000.

Oct 24th 2011
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