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

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

2 Answers

yes, its called a cashout refi

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