Mortgage Blog

HELOC will affect your Refi too

April 9th, 2012 10:22 PM by Eric Fang

Usually we only knows that HELOC lender will reduce
your HELOC limit at the subordination time.

But for most lenders, they will close your HELOC once
they find out the subject property changed from
Owner Occupied to Rental.

Recently I have one refinnace failed just because of
the HELOC reduction. The HELOC lender did not record
the modification of new HELOC limit. And they told
the client that they don't have the intention to
do the recording at a later time either.

So please check whether your HELOC limit modification
was recorded(if modified). Otherwise it might affect
your next refinance.

Posted in:General
Posted by Eric Fang on April 9th, 2012 10:22 PM



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