I was asking because my heloc that I opened last year after a refi has prepayment penalty if I close it too soon so now

Report problem with this ad

Jun 17, 2021
8:42:15pm

cheezedawg medium

I need to figure out if the either increased rate, or the prepayment penalty are still worth refi right now.

Report problem with this ad

cheezedawg

Bio page: cheezedawg
Joined: Oct 4, 2007
Last login: Jun 6, 2024
Total posts: 66,840 (16,881 FO)

Report problem with this ad

Messages

Author

Time

Does having subordinate debt like a HELOC always increase the rate on a refi?

cheezedawg medium

6/14/21 6:21pm

yes

bulletproof

6/14/21 6:26pm

Almost always

molodyets

6/14/21 6:33pm

The only way I know is you can pay it down to zero and still subordinate

classycoug

6/17/21 11:46am

not true.

bulletproof

6/17/21 12:50pm

Absolutely is true. Just because your company doesn't offer it doesn't mean

classycoug

6/17/21 12:57pm

not through fannie mae or freddie mac

bulletproof

6/17/21 1:06pm

It is through Fannie and Freddie. At our company it is an exception

classycoug

6/17/21 1:13pm

what company is that I would like to refinance with you

bulletproof

6/17/21 1:23pm

I sent you a BM

classycoug

6/17/21 7:57pm

I was asking because my heloc that I opened last year after a refi has prepayment penalty if I close it too soon so now

cheezedawg

6/17/21 8:42pm

How much is the prepayment penalty? I had a heloc I closed early and the

classycoug

6/17/21 11:30pm

Report problem with this ad

Posting on CougarBoard

In order to post, you will need to either sign up or log in.

Report problem with this ad