Question:
We have a customer who would like to refinance his homestead which is a first lien purchase money. The customer has a second lien home equity against it. Can I refinance the first lien as a conventional mortgage and refinance the home equity and cash out the additional equity in a second lien? Do I combine and fund one loan as home equity? I have always heard "once a home equity, always a home equity". Please clarify for me.