Quote:
Originally Posted by bizaro86
Hopefully they leave a reasonable amount of time for that. This change will probably require me to sell a property to get my HELOC down to 65%, and I'd like to be able to take a reasonable amount of time to do that.
I could try and refinance my mortgage up, but I'll probably have to pay a penalty to do that as the rate is higher than what's currently available.
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Most banks will let you "blend and extend" if you want to renew your mortgage early and it shouldn't carry a penalty. Essentially they figure out a new rate that is lower than your current rate but not as low as the rates currently offered and then set it as a new 5 year term. Negotiating this rate would be a pain though because of the math involved.
They do it if you have a few years on your mortgage but want to take advantage of lower rates so I am sure they would allow you to roll the HELOC in at the same time.