REFINANCE MORTGAGE & HELOC?
About 2 months ago i went to my bank to look into a refinance. I have a high FICO score and was quoted a rate of about 5%. My current rate is 6%. My loan is not moving very fast although i know it is finally in underwriting because they called needed clarification on a document i gave them.
I currently have a HELOC (Home equity line of credit ) of $ 14k and need to tap into it for some home repairs. I currently have a $ 0 balance on it. I don’t know if I can use it during the refinancing process and I can’t get the bank to call or email me back. I get the standard response “due to high call volume and refinances, we can not guarantee a call back until your loan is ready.” I have paid no fees up front and i have not even locked in a rate. Should I
a) go ahead and use my HELOC
b) scratch the entire refinance idea
c) stalk the bank until they call back?
Any suggestions? Can you refinance with a balance on your HELOC? What if that balance is incurred in the middle of the refinance?