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Anthony J

Can I refinance my mortgage without having to payoff my home equity line of credit balance?

asked by Anthony J - 5 Answers

I have a mortgage & home equity line of credit with the same lender. The rate on the equity loan is currently 2.5% (prime - 3/4). I was thinking of refinancing my mortgage and taking out a little cash to pay off some credit cards. My question is, if I refinance my mortgage do I have to pay off the balance on my home equity loan?

acermill

Best Answer by acermill

Yes, you will need to pay it off. You won't get a refinance with an existing lien against your house. ... See all 5 answers

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