Asking help from the community to help me decide. Looking to get max equity out of my house. Assuming the money I take out from the refinance could earn minimum of 8% per year.
Primary Residence Value: $1MM First Mortgage: $400K - 30yr fixed at 3.375% (Monthly payment ~ $1850) obtained in 2013 2nd Mortgage: $160K -- 15yr fixed at 3.5% (Monthly payment ~$1275) obtained in 2014
I had the opportunity of locking the rate for cash-out refinance in October 2016 for 3.5% for a $750K loan, I started the process and didn't lock the rate. The rate is now 3.875%. I called HFCU and a few other credit unions and banks if they would give me a HELOC as 3rd lien position at 100 LTV and all of them declined. HFCU can do 100% LTV at Prime + 1.5% but would require 2nd lien position and max loan of $500K
My options: 1. Refi 750K @ 3.875% and get $250K HELOC from HFCU at Prime + 1.5% 2. Keep first mortgage as-is and refi the 2nd mortgage into a $500K HELOC from HFCU at Prime + 1.5% 3. Do nothing. 4. Any other ideas?
Additionally, do you know of any bank or credit union who would give me a HELOC at 100% LTV at a 3rd lien position?
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