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No it's not. The HELOC is treated as a 2nd mortgage, and you replace the 1st and 2nd mortgages with 1 new mortgage. The sum balance on both is used to to calculate your LTV. I concur with Nic. It is considered a cash-out since the HELOC is an open-ended loan vs. a HEL (home equity loan, not line of...

Is refinancing a mortgage and HELCO into a single mortgage considered a cashout? Combined they are about 60% LTV. Thanks! Yes No it's not. The HELOC is treated as a 2nd mortgage, and you replace the 1st and 2nd mortgages with 1 new mortgage. The sum balance on both is used to to calculate your LTV....

Is refinancing a mortgage and HELCO into a single mortgage considered a cashout? Combined they are about 60% LTV.

Thanks!

Is refinancing a mortgage and HELCO into a single mortgage considered a cashout? Thanks!

Home Value $460,000 Current Loan $190,000 (PenFed year 2 of 5/1 at 2.8125%) HELCO Balance $0 ($75K limit) We are wanting to do an addition that would be about $85K. Will pay about $25K out of pocket and borrow the rest. Is it better pay for the addition with the HELCO and then refinance the first a...

Home Value $460,000 Current Loan $190,000 (PenFed year 2 of 5/1 at 2.8125%) HELCO Balance $0 ($75K limit) We are wanting to do an addition that would be about $85K. Will pay about $25K out of pocket and borrow the rest. Is it better pay for the addition with the HELCO and then refinance the first an...