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Can you pay off a home mortgage with a home equity line of credit?
asked by Karen S - 3 Answers
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?
Best Answer by zbikenut
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. ... See all 3 answers
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