My mortgage is paid, I have a home equity loan, can I convert this into a mortgage?

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My mortgage is paid, I have a home equity loan, can I convert this into a mortgage?


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yes, its called a cashout refi

Answered 8 months ago
Eric
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Correct, it is routine to convert a home equity line to a standard mortgage. It is considered a cash out refinance unless the home equity line was used exclusively for the purchase and has never been drawn on. Because it’s considered a cash out, there are potential pricing adjustments on the new loan, but those are minimal if you have over 30% equity. You could also get additional cash if you wanted to. Like more details? Feel free to shoot me an email or give me a call. I write loans in all states. Thanks, Ted

Answered 8 months ago
Ted Rood
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