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puckedoff · 02-14-2022, 09:22 AM

I have a mortgage renewal next year. It looks like HELOC rates are basically in line with mortgage rates, my mortgage is ~60% of my home value, is there not to just not renew the mortgage, and get a HELOC for the full remaining mortgage value?

From my vantage point I would not have any pre-pay penalties, flexibility to pay interest only if I choose and would not have to deal with any future mortgage renewals.

Pros/Cons?

02-14-2022, 09:22 AM	#1
puckedoff First Line Centre Join Date: Apr 2013 Exp:	Flip entire mortgage to HELOC I have a mortgage renewal next year. It looks like HELOC rates are basically in line with mortgage rates, my mortgage is ~60% of my home value, is there not to just not renew the mortgage, and get a HELOC for the full remaining mortgage value? From my vantage point I would not have any pre-pay penalties, flexibility to pay interest only if I choose and would not have to deal with any future mortgage renewals. Pros/Cons?