Refinance Mortgage Question
I'm not sure if this is the right forum to post this question or not but here goes.
I currently have a 30yr fixed mortgage @ 5.875. There is $405,000 left on the mortgage. I also have a $110,000 line of credit that has a balance of $0.
I am refinancing the mortgage for $405,000 @ 3.875. The question is, what happens to the line of credit? I'm assuming that once I refinance the first mortgage, the line of credit which is through a different bank will automatically be closed. Is this the case?
BTW, when I used to check in here long ago Dave Donhoff was around to answer a lot of these mortgage questions. Dave if you are still around, what does happen to the HELOC? Actually if anyone knows I'd appreciate your knowledge as well. Thanks.