Posted on: 11th Jan, 2009 08:19 am
i want to refinance. first mortgage is $484,000. equity line of credit with a different bank is $55,000. do i have to get a new mortgage for $539,000 or can i just pay off the first mortgage and keep the equity line of credit with the same bank. if i can do that, i will get a better rate of interest.
It's possible - your equity line lender would need to agree to subordinate their lien to a new loan.
nancy, since it's the same bank, i would suspect they'll allow what you propose to do - assuming you still qualify for these loans, as you did originally.
