if you pay your loan out early be carful that there is no penalty for doing so.. ask your lender

All of your borrowing is based on the equity you have in your home, your credit, and ability to repay the loans. In your case if you have the equity for the 2nd, and take it out now - and then re-fi the first later on down the road you will likely have more closing costs for these transactions that if you did one, but as long as you have equity, credit, and ability to pay, then a lender will do the transactions for you.

Note: as the year goes on, it’s possible that the value of housing may decline some (negating some of the equity you have), and if you go from a 30 to a 15, then your higher payement will bring your debt to income ratio up - which means that your loan won’t look as favorable to take advantage of the best rates offered, which may make that waiting game not so good an idea.

best bet, make an appointment with a mortgage lender that has the tools on his/her desk to run the numbers though the scenario and find the best solution for you.

You bet it will affect your ability to refi. A refi with cash out is always better than a second loan.

Right now rates are LOW, I would just refi instead of the HELOC that might cost you 7% on up. Why pay for 2 transactions.