Mortgage Options - HELOC, Cash-out-refinance?

Anonymous — Tue, 07 Dec 2021 16:10:41 GMT

I previously purchased my house in cash and over the course of the last five years have taken out a HELOC (Currently owe $97,000) and an Equity Loan (Owe $91,000). My house is worth approximately $500,000. What would be the best option if I wanted to pull another $75,000 out of my houses equity? Could I pay off my existing two loans ($97K + $91K) with a new loan plus add the additional loan amount ($75K) so that I only have one loan going forward? I really appreciate any insight on the best way to move forward.

Thanks,

Tim

Re: Mortgage Options - HELOC, Cash-out-refinance?

rushingjr — Fri, 10 Dec 2021 17:27:05 GMT

Why would you want to do that? What are you doing with the first loan? You're saying you would get a third equity loan at $75k and a fourth for $188K to pay off the first two? I'm just trying to understand.

topic Mortgage Options - HELOC, Cash-out-refinance? in Mortgage Loans

Mortgage Options - HELOC, Cash-out-refinance?

Re: Mortgage Options - HELOC, Cash-out-refinance?