Note that getting a good HELOC may be tougher today than it was a few years ago. In 2020, two major banks—Wells Fargo (WFC) and JPMorgan Chase (JPM)—put a freeze on new HELOCs and haven't resumed offering them as of this writing (July 2024).45 Mortgage lending discrimination is ...
Paying off a mortgage with a home equity line of credit (HELOC) is technically possible. It is essentially a way ofrefinancingyour loan, but actual refinancing is a much simpler option for reducing aninterest rateon a mortgage to pay it off more quickly. The interest-only repayment option is...