If a HELOC Is the Only Mortgage, Is the Refinance a Rate/term or Cash-Out?
Question: My client’s first mortgage is a HELOC. They want to refinance in order pay off the HELOC and close that line of credit. Is this a Cash-Out or a Rate/Term Refinance? MC Chart – Refinance Loans – All Agency Guidance Answer: Fannie allows you to treat as rate and term without regard to identifying […]