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Can I use a Home Equity Line of Credit to Pay off my Mortgage?

Can I use a Home Equity Line of Credit to Pay off my Mortgage?

 

I have been reading a lot of mixed things about home equity lines of credit, I have heard of ways to use this as an option to pay off a mortgage. Is this true? If so what are some of the pros and cons of using this method?

 

Thank you.

Answers

By Canadalend
Hello and Thank you for your Question.
 

A home equity loan can be used to pay off an existing, or first, mortgage.

 

Some home equity mortgages have low or no closing costs and a lower interest rate than a conventional loan, saving the borrower money.

 
Have additional questions about home equity loans? Feel free to contact us directly at: 1-866-422-6536
 
Also make sure to visit the Services section of the Canadlend site for a full list of services we have to offer. https://www.canadalend.com/services/
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