If a coop refinances its mortgage, does this qualify as a HELOC (home equity line of credit)?
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1 Best answer
IreneS
Intuit Alumni
Jun 4, 2019 12:47:53 PM
No - A home equity line of credit (HELOC) is an additional loan on the property. If your co-op says that they refinanced the mortgage on the building, they paid off the first loan with the proceeds of the new loan, so there is still only one loan.
1 Replies
IreneS
Intuit Alumni
Jun 4, 2019 12:47:53 PM
No - A home equity line of credit (HELOC) is an additional loan on the property. If your co-op says that they refinanced the mortgage on the building, they paid off the first loan with the proceeds of the new loan, so there is still only one loan.