Is a line of credit considered considered a second mortgage (refinance, equity)

[westchester]

I am going to start to refinance my house soon and i have a line of credit which i owe 50k on and a mortgage of 200k Is the 50k a second mortgage and will they make me roll that into my existing mortgage thanks,,,,,,,

[Elke Mariotti]

Originally Posted by westchester

I am going to start to refinance my house soon and i have a line of credit which i owe 50k on and a mortgage of 200k Is the 50k a second mortgage and will they make me roll that into my existing mortgage thanks,,,,,,,

Yes, it is considered a second mortgage - which will have to be satisfied ( paid off) when you refinance.
Hopefully you have enough equity to refinance the $250k. (You'll only have one mortgage then)

[janalynn]

Is it considered a second mortgage, you do not have to pay it off, however it will have to be subordinated at the same time, meaning it needs to stay in second place and your new mortgage goes in first place. The whole line of credit is counted against you, so if it's high, it may be in your interest to close it to make your numbers work. They can do that all at the same time