heloc - The Mortgage Porter

Refinancing when you have an existing Second Mortgage or HELOC (Updated for 2026)

December 15, 2011 by Rhonda Porter 62 Comments

Refinancing with a HELOC or Second Mortgage (2026 Guide)

One of the most common refinance questions I’m hearing right now is:

“Can I refinance if I already have a HELOC or second mortgage?”

Short answer: Yes — but how it works depends on your situation.

If you have a home equity line of credit (HELOC) or an existing second mortgage, refinancing is absolutely possible. It just requires a little more strategy.

After more than 25 years helping Washington homeowners with their mortgages, I can tell you this: [Read more…]

Filed Under: Home Equity Loans & Second Mortgages, Refinance Tagged With: heloc, refi, second mortgage, subordination

Piggyback Combo Mortgages are Back

June 21, 2011 by Rhonda Porter Leave a Comment

I’m pleased to announce that we now have second mortgages and home equity loans available in combination with a first mortgage at Mortgage Master Service Corporation. I see this being very useful with keeping loan amounts under conforming limits (especially once they’re scheduled to be reduced on October 1, 2011). Here’s some quick points on this program:

maximum allowed total loan to value is 85% with a mid-credit score of 720 or higher for owner occupied.
maximum allowed total loan to value is 70% with a mid-credit score of 700 – 719 for owner occupied.
maximum allowed loan to value of 80% with a mid-credit score of 720 or higher for a second home.
available for purchases or refinances.
maximum allowed debt-to-income ratio of 45%.
available as a HELOC (home equity line of credit) or fixed rates.

Should you consider using a first and second mortgage combo for your home financing? That’s up to you! What’s important is knowing and understanding what options are available to you so you can make an informed decision. If you are buying or refinancing a home located anywhere in Washington state, I’m happy to help you with your mortgage needs.

Filed Under: Home Equity Loans & Second Mortgages, Refinance, Residential Purchase Tagged With: 85LTV, heloc, piggy back, second mortgage

Would You Like Your Mortgage Blended, Shaken or Stirred?

March 27, 2007 by Rhonda Porter 4 Comments

Many home owners have two mortgages on their properties. A first mortgage and a second mortgage that may either be fixed or a home equity line of credit. Do you know what your effective rate is? Basically, this is if you factor in what your paying on both mortgages, and then figured out what your interest rate is on your payment.