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When you need a quick source of funds, a home equity loan or home equity line of credit (known as a HELOC) can be tempting. Done wisely, you can use the lower-interest debt secured by your house to pay off debts with high interest rates, like credit cards, to save in the long run.
At any time, you can pay off any remaining balance owed against your HELOC. Most HELOCs have a set term-when the term is up, you must pay off any remaining balance. If you pay off your heloc balance early, your lender may offer you the choice to close the line of credit or keep it open for future borrowing. Why you should close a HELOC
As long as your mortgage doesn’t have a prepayment penalty, you can pay it off at any time, for any reason, with any source of funds that you have available to you. You can pay off your mortgage with a home equity line of credit, even if the HELOC already has a balance, as long as you have enough credit left to cover.
Hi Colby, On your $80,000 mortgage if you make extra monthly payments then you will be able to reduce your mortgage term by a number of years. In these 6 years in which you think you can pay off the HELOC, you need to calculate how much interest you be paying for the HELOC and for this present $80,000 mortgage (with extra monthly payments).
1 How Can I Pay Off My Home Equity Line of Credit Faster?. Most lenders do not charge penalties for early HELOC repayment. Warnings. Do not use your HELOC for frivolous purchases, such as.
However, if after 10 years you took out a five-year home equity loan with a rate of 3.25% for the remaining balance, roughly $87,000, you’d save some cash and lower your monthly payment for the remaining five years. In all, you’d save about $6,600 by using the home equity loan to pay off your existing first mortgage.
Homeowners who pour every dime into paying off their mortgage early might not have a cash cushion. With one caveat: “Many people buy homes they simply can’t afford,” Edelman says. He advises.