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rated:
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?

Thank you in advance for your help

 

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rated:
Forget getting opinions... tell us how you are planning to get 8% minimum...

rated:
BigFatCat said:   Forget getting opinions... tell us how you are planning to get 8% minimum...
  In for this answer as well!

rated:
100% financing on a million dollar house? Are we back to the good old days of the last decade.

rated:
Do nothing

rated:
At least OP can say he lives in a +$1MM home.

rated:
speedracer714 said:   At least OP can say he lives in a +$1MM home.

$1MM gets 1 bedroom apartment in NYC just saying.

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