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.

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