Can you pay off a home mortgage with a home equity line of credit?
June 16th, 2009 by Lenny
My sister is asking me for money to pay up her home equity line. When I asked about her mortgage payment, she said she paid it off with her home equity line. Is that possible to borrow money on your home to pay off your home?
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If her home mortgage rate was higher than her line of credit it makes sense. I do not have a home mortgage but I do have a line of credit on my home.
Normally you can just make interest payments on a equity line if you want. My heloc is locked for 5 years with minimum payment being the monthly interest.
Normally people do borrow on their home to pay off their home when they refinance.