Can you refinance a home that already has an existing HELOC on it?

[MoobyTheGoldenCalf]

Or do you have to pay off & close out the HELOC first before you can refi?

 

[Linflas]

We refinanced with a HELOC, all we had to do is have the credit union sign a form saying that the HELOC remained in place subordinate to the mortgage. We also could have just folded the outstanding balance into the main mortgage had we wanted to.

 

[SearchMaster]

^^ What he said.

When we put an addition on our house, we financed it through a HELOC that carried a fairly high interest rate. When the addition was finished, we had the house reappraised and we refinanced, paying off the original mortgage and HELOC in the process. We could have kept the HELOC and only refi'ed the original mortgage but for us it wouldn't have made sense.