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.


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.
Level 6 (XP: 2400)
5 years ago
Need more information? Feel free to contact a member of the Canadlend team directly for more details.


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