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Old 08-25-2012, 06:00 AM
 
Location: New York, Westchester
506 posts, read 2,124,035 times
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I am going to start to refinance my house soon and i have a line of credit which i owe 50k on and a mortgage of 200k Is the 50k a second mortgage and will they make me roll that into my existing mortgage thanks,,,,,,,
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Old 08-25-2012, 07:23 AM
 
Location: Long Island
9,489 posts, read 20,520,279 times
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Quote:
Originally Posted by westchester View Post
I am going to start to refinance my house soon and i have a line of credit which i owe 50k on and a mortgage of 200k Is the 50k a second mortgage and will they make me roll that into my existing mortgage thanks,,,,,,,
Yes, it is considered a second mortgage - which will have to be satisfied ( paid off) when you refinance.
Hopefully you have enough equity to refinance the $250k. (You'll only have one mortgage then)
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Old 08-26-2012, 10:45 PM
 
33 posts, read 179,831 times
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Is it considered a second mortgage, you do not have to pay it off, however it will have to be subordinated at the same time, meaning it needs to stay in second place and your new mortgage goes in first place. The whole line of credit is counted against you, so if it's high, it may be in your interest to close it to make your numbers work. They can do that all at the same time
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