It turns out that the best place to go for a Re-fi is a broker but the best place to go for a HELOC is a bank. I need both on the same property. The property has $200k and currently on an ARM that comes due in Sept. I want to re-fi before Sept because of the end of the ARM but I need a $150k HELOC (I'd rather not pull the money out and be paying interest if I don't need the money right away).

What's the best approach? Do I get the HELOC with a bank first then in Sept get a re-fi with a broker? What are the pros and cons? or do I get the re-fi first then try for the HELOC?

I would hope to somehow combine the two activities... if it will save on fees.

I don’t think it matters. But, I would refinance first. If we are talking two lenders here there is little that can be saved in fees. Also most HELOC have no fees so there is nothing to be saved there.

The best thing for you to do is refi first and once you know the bank that's servicing your loan you can contact them directly for more information on HELOC specials and rates. Banks love giving deals to existing customers.

Call me if you have anymore questions.

Amir
Mortgage Broker, California