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Originally Posted by Dominicwasalreadytaken
So do you have to get a HELOC with the bank that your mortgage is with? Or can you shop around to look for the best deal?
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Nope, you can break your term mortgage with your existing mortgager and jump to a new one......at a penalty. In my case the roughly $2,000 it would cost me to have a HELOC isn't worth it. Technically even on a normal mortgage you can refinance so it's not completely impossible to borrow against your equity.
Demented Reality - It's quite simple really. Borrow money cheap and make sure you get a return that's higher than the rate of interest you pay.