Refinance Home Equity Loan?
Ed is in the middle of a HELOC and is thinking about converting that into a mortgage.
QUESTION: Ed paid cash for his house, but took a $130,000 home equity line of credit loan to pay off some other loans. Can he convert that into a mortgage?
ANSWER: Absolutely you can and in fact, I'd recommend it. Usually HELOC's come with crazy terms and conditions (like 100% interest) so I suggest you quickly refinance to fixed rate 15-year and pay this loan off.