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Updated about 8 years ago on . Most recent reply

Patrick Smith's profile image
Patrick Smith's profile image
Patrick Smith
  • Investor
  • from Summerfield, North Carolina
  • Member since Nov 1, 2016
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Patrick Smith's profile image
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Patrick Smith
  • Investor
  • from Summerfield, North Carolina
  • Member since Nov 1, 2016
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Patrick Smith
  • Investor
  • Summerfield, NC
5
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11
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Mortgage Brokers & Lenders

Thinking about getting a HELOC

Patrick Smith
  • Investor
  • Summerfield, NC
Posted
I'm thinking about getting a HELOC to pay my mortgage off. I hear it can cut down on the time it would take to pay it down. Can anybody give me the pros and cons of doing this. I'm not sure about doing this and would any in put from you guys. That's Pat
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Chris Martin's profile image
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Chris Martin
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  • from Willow Spring, NC
  • Member since Jul 4, 2009
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Chris Martin's profile image
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Chris Martin
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  • from Willow Spring, NC
  • Member since Jul 4, 2009
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Chris Martin
  • Investor
  • Willow Spring, NC
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Chris Martin
  • Investor
  • Willow Spring, NC
Replied

Welcome to BP.

Not sure I get it. A HELOC is a second position mortgage. Is your intent to get a HELOC to pay off the first position mortgage? Why not just refi into a better rate/term loan?

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