Mortgage payoff or refinance question

Discussion in 'Politics & Religion' started by abducens, Aug 3, 2003.

  1. If you have a low amount owed on your mortgage can you take out a home equity loan to pay the mortgage off?

    I was looking at 15 yr mortgages but with the points and fees , there are high up front costs, still much better than my 30 year.

    The home equity loan seemed like the best, no fees, 10 yr term with same payment amount as the 15 year. Is this a good course to go?
  2. Home Equity loans are generally not fixed rate loans. If rate climb, so will your payments.