Comments on: Cash Out Refinance vs Home Equity Loans http://www.bdnationwidemortgage.com/blog/index.php/2010/07/cash-out-refinance-vs-home-equity-loans/ Tue, 13 Dec 2011 20:26:53 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Clayton Poulter http://www.bdnationwidemortgage.com/blog/index.php/2010/07/cash-out-refinance-vs-home-equity-loans/comment-page-1/#comment-1313 Clayton Poulter Sun, 20 Feb 2011 23:55:36 +0000 http://www.bdnationwidemortgage.com/blog/?p=237#comment-1313 This is a extremly interesting refinancing post, I came across it searching through a search on Bing. I believe majority of people would benefit from comparing mortgage refinance lenders online. PS I quite like the website theme you are using - where did you find it? This is a extremly interesting refinancing post, I came across it searching through a search on Bing. I believe majority of people would benefit from comparing mortgage refinance lenders online.
PS I quite like the website theme you are using – where did you find it?

]]> By: Nationwide Lender http://www.bdnationwidemortgage.com/blog/index.php/2010/07/cash-out-refinance-vs-home-equity-loans/comment-page-1/#comment-967 Nationwide Lender Thu, 29 Jul 2010 15:48:14 +0000 http://www.bdnationwidemortgage.com/blog/?p=237#comment-967 This is one of the biggest obstacles in mortgage lending today. Thousands of homeowners are underwater and unable to refinance their first or second mortgages. The Home Affordable Refinance Program allows borrowers to refinance their first mortgage up to 125% if the note is held by Fannie Mae or Freddie Mac. However, they do not allow borrowers to refinance any type of second mortgage into their first mortgage. At this point you have two options. 1. Wait for your home equity to rebound and then refinance the HELOC into your first mortgage. The problem is that is could be several years until your home equity comes back and the interest rates could be significantly higher at that point. 2. Consider contacting your second mortgage company that services the home equity line and request a second mortgage modification. You never know, they may offer a fixed rate conversion and they may renegotiate the balance if you have the ability to pay it off. We wish the best of luck Tim. This is one of the biggest obstacles in mortgage lending today. Thousands of homeowners are underwater and unable to refinance their first or second mortgages. The Home Affordable Refinance Program allows borrowers to refinance their first mortgage up to 125% if the note is held by Fannie Mae or Freddie Mac. However, they do not allow borrowers to refinance any type of second mortgage into their first mortgage.

At this point you have two options.
1. Wait for your home equity to rebound and then refinance the HELOC into your first mortgage. The problem is that is could be several years until your home equity comes back and the interest rates could be significantly higher at that point.

2. Consider contacting your second mortgage company that services the home equity line and request a second mortgage modification. You never know, they may offer a fixed rate conversion and they may renegotiate the balance if you have the ability to pay it off.

We wish the best of luck Tim.

]]> By: Tim Berris http://www.bdnationwidemortgage.com/blog/index.php/2010/07/cash-out-refinance-vs-home-equity-loans/comment-page-1/#comment-966 Tim Berris Thu, 29 Jul 2010 15:39:36 +0000 http://www.bdnationwidemortgage.com/blog/?p=237#comment-966 We are having a difficult time refinancing our home equity line. Our home value dropped and our first and second mortgage balances are now more than our home is worth. Do you have any suggestions? Thanks -Tim We are having a difficult time refinancing our home equity line. Our home value dropped and our first and second mortgage balances are now more than our home is worth. Do you have any suggestions?
Thanks -Tim

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