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Old 01-04-2010, 08:44 AM
 
Location: Philadelphia suburbs
43 posts, read 187,960 times
Reputation: 42

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I currently own a vacation home worth $230K, with the only lien on it being a $52K HELOC with a variable rate. The rate on the HELOC is awesome right now, but I am concerned that it is going to skyrocket soon, with all the talk of rates increasing and inflation.

Is it possible to refinance the HELOC into a conventional mortgage? I found a great rate on a five year ARM (0.5% higher than my current HELOC rate), and I plan on paying it off in full within five years. I know nobody has a crystal ball where rates are concerned, but I'd love some feedback!
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Old 01-04-2010, 09:43 AM
 
Location: Plano, Texas
1,676 posts, read 6,334,862 times
Reputation: 684
Yes you can. Some lenders may not do a conventional loan that small, but you should be able to find multiple lenders that can do it.
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Old 01-04-2010, 10:09 AM
 
Location: Philadelphia suburbs
43 posts, read 187,960 times
Reputation: 42
Thanks Victor!
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Old 01-04-2010, 10:16 AM
 
Location: Plano, Texas
1,676 posts, read 6,334,862 times
Reputation: 684
You're welcome.
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Old 03-12-2010, 06:12 PM
 
1 posts, read 4,482 times
Reputation: 11
I am still trying to find this issue out- I am hearing you can't ---- does anyone know or have proof of this-

I have a client who has a HELOC in the 1st position - in texas- they want to refi into FHA-

title comapny says they can't-

whats the loop hole here?

Last edited by Green Irish Eyes; 03-12-2010 at 06:39 PM.. Reason: NOT a good idea to post your e-mail on an internet forum!
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Old 03-19-2010, 02:38 PM
 
Location: Warrior Country
4,578 posts, read 5,134,714 times
Reputation: 3920
Quote:
Originally Posted by stgifford View Post
I am still trying to find this issue out- I am hearing you can't ---- does anyone know or have proof of this-

I have a client who has a HELOC in the 1st position - in texas- they want to refi into FHA-

title comapny says they can't-

whats the loop hole here?
In TEXAS.....once a HELOC is taken out on a property (if it's a homestead) then ANY refinancing must be a Texas Home Equity Loan (or HELOC).

No FHA....No loans over 80% LTV....only a "Texas Home Equity" loan can replace a "Texas Home Equity Loan". It's a State law....not a loophole.

There are other items related to this that would depend on the borrower's situation.
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