How do we refinance our heloc without refinancing our 1st mortage?

Desire
We owe on our 1st mortgage is $52, 000 at 6.25%, and our HELOC is $105, 000 at 8.19%. Fixed. The estimated value of the house is between $110, 000. to $150, 000. I would like to combine and lower my interest rate, but if that is not possible, how can I lower my HELOC. I would at least like to lower my $730.00 interest on the HELOC. What are my options if any? Thanks!

Renaldo
You will need to pay off a chunk of the HELOC to be able to refinance. Assuming that the appraisal comes in at $110K, you will probably only be approved for $36K (110K x 80% - 52K). If you cannot afford to do this, I would suggest that you just pay down your HELOC as fast as you can.

Keely
definately look into a fha mortgage refinance, they can go all the way up to 85% and if you obtained the second at the same time as the first then 97.5% apply here to see if they can help www.fhastreamline911.com