Refinance A HELOC
Want to replace the HELOC you have now? At least one HELOC we offer pays off your existing line with the new one, and the opening balance is drawn at a fixed rate.
What refinancing a HELOC requires
Each item below is a requirement or rule of the HELOC we offer for refinancing a line.
- A recent statement for the HELOC you are paying off, uploaded with your application.
- A credit score above 620. Larger lines need higher scores.
- A new line from $5,000 to $400,000, sized as if the old line is paid off.
- Debt-to-income of 55% or less on a home you live in, or 45% or less on a home you do not.
- A single-family home, townhome, PUD or condo. High-rise condos and manufactured homes are not eligible.
- At least $30,000 of equity left in the home after the new line is added.
Your old line gets paid off
Opening balance at a fixed rate
Sized as if the old line is gone
First or second lien
No full appraisal
Draw again as you pay down
How Does A HELOC Refinance Work?
You apply for a new line, upload a statement for the old one, and the new line pays the old one off.
A HELOC refinance replaces the line you have with a new one. At the program we offer for this, you upload a statement for your current HELOC, the payoff amount is requested for you, and the new line pays the old line off. Your new credit limit is set as if the old line is already gone.
The full new line is drawn when the account opens, and that opening draw is at a fixed rate. As you pay it down, you can draw again with a card, a cash out or a balance transfer. If you would rather fold the line into your first mortgage, see consolidate a HELOC into your mortgage.
Not every home fits. The program is not offered in every state, high-rise condos and manufactured homes are excluded, and a home you do not live in needs a 720 score, a line of $250,000 or less and at least 18 months of ownership.
Why use Saxton to refinance a HELOC
This page is for homeowners who already have a HELOC and want to replace it with a new line.
We Pay Off The Old Line
At least one program pays off your existing HELOC with the new line.
Fixed-Rate Opening Draw
The opening balance on the new line is drawn at a fixed rate.
Limit Set After Payoff
The new credit limit is set as if the old line is already paid off.
First Or Second Position
The new line can sit in first or second lien position.
No Full Appraisal
The home’s value comes from an automated model, with an exterior-only evaluation as a fallback.
Limits Stated Up Front
The full line is drawn at opening, high-rise condos are excluded, and the program is not offered in every state.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about refinancing a HELOC.
Yes. At least one HELOC we offer pays off your existing line with the new one. You upload a statement for the current HELOC and the payoff is handled with the new line.
The opening balance will. At that program the full line is drawn when the account opens at a fixed rate. Later card purchases run at a floating rate.
It is set as if the old line is paid off, since the new line pays it at closing.
A score above 620. The largest lines need higher scores, and a home you do not live in needs 720 or higher.
Yes. The program can place the line in first or second lien position.
No full appraisal. The home is valued with an automated model, with an exterior-only evaluation when the model cannot.
That is a different loan, a refinance of your first mortgage. See our page on consolidating a HELOC into your mortgage for how that route works.
Find out what you qualify for
Send us your current HELOC statement and we will show you whether refinancing it into a new line fits.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
Loan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.