Combining a 1st & 2nd Under a Rate/Term Refinance

Question: Our client has a 1st mortgage and then took out a 2nd [HELOC] to do a renovation.  All of the funds from the HELOC were used for renovation and we have receipts.  Can I do a rate and term refinance or is this considered a cash-out? MC Refinance Chart-All Agency Guidance Answer: For Fannie […]

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