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Can I pay off my mortgage faster with a HELOC?

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  Answers  |  3

May 11, 2017

"It depends" is the answer to your question. If you mean in comparison with a 30-year loan, the answer is "probably", due to the fact that most HELOCs have a draw period of 5-10 years, followed by a repayment period of (typically) 20 years. Of course, you can pay off virtually any loan as fast as you like, so there's no restriction on paying off a 30-year mortgage in a year, or 6 months for that matter. I would need more info, such as "faster than a ______ loan" and the specific details on the HELOC to give you a more detailed answer, but reading between the lines, it appears you're asking if you'll save money on interest with a HELOC, and the answer to that is "almost always not."

$commenter.renderDisplayableName() | 07.24.17 @ 18:57

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May 11, 2017

This is all dependent on what you decide to apply as your payment every month.

$commenter.renderDisplayableName() | 07.24.17 @ 18:57

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May 25, 2017

Yes you can. By refinancing your entire mortgage into a 1st lien position heloc and treating it like your checking account. You put all your income into the heloc and you pay your bills /expenses out of the heloc. Any leftover positive cash flow stays in the heloc which brings down the daily interest and balance. Using this strategy with a positive cash flow will payoff your home on average of 5-7 years.

$commenter.renderDisplayableName() | 07.24.17 @ 18:57

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