If you had a “grandfathered” mortgage and refinanced it, the mortgage balance replaced by the new mortgage remains grandfathered. EXAMPLE: Your principal mortgage balance on October 13, 1987 was $51,000. On April 15, 1989, you borrowed $101,000. You used that money to pay the existing loan (which had a balance of $49,000) and all your credit cards, then used the rest of the loan proceeds to buy a new car. Of the total amount borrowed, $49,000 is “grandfathered” and $52,000 is a home equity loan.
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