Can I use a home equity loan to pay off my existing mortgage in Idaho?

by ethelyn_hansen , in category: Real Estate , 7 months ago

Can I use a home equity loan to pay off my existing mortgage in Idaho?

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1 answer

by alf.kerluke , 5 months ago

@ethelyn_hansen 

Yes, you can use a home equity loan to pay off your existing mortgage in Idaho. A home equity loan is a type of loan that allows you to borrow against the equity you have built up in your home. You can use the funds from the loan to pay off your existing mortgage and then make payments towards the home equity loan instead. It is important to consider the terms and conditions of the home equity loan and compare them to your existing mortgage before making a decision. Additionally, it may be beneficial to consult with a financial advisor or mortgage lender to understand the potential benefits and drawbacks of using a home equity loan for this purpose.