Should You Refinance To A HELOC Or Traditional Mortgage?

Rates are looking good so you decide that you want to refinance your home. But do you refinance to a HELOC or a traditional mortgage? Let’s talk about it.

Transcript

Hey gang, Michael Lush. We recently got a question from a subscriber. “Should we refinance or get a Home Equity Line Of Credit?” Both. See, a lot of folks think that a Home Equity Line Of Credit again, is a second mortgage above and beyond your current mortgage.

What I would suggest you to do, is refinance your current mortgage into a Home Equity Line Of Credit. Instead of getting two loans, you’re actually getting one. You’re replacing your current mortgage for a Home Equity Line Of Credit.

That way, you’ve got the proper tool to put all of your money into each month, pull money out as you need it to pay for bills, and you’re going to accelerate that and pay it off, on average, in five to seven years. Way easier than having a traditional mortgage. If you like this video, again, “like” below, and subscribe to our channel. Thank care. God Bless. Thanks for watching the video.

About The Author

Michael Lush

Michael Lush is a mortgage industry expert, having spent fourteen years as a mortgage banker helping thousands of families with their mortgage needs. He is also a father and husband. Michael is co-author of the book Replace Your Mortgage: How To Pay Off Your Home In 5-7 Years On Just Your Current Income. Besides this blog, you can find him on Youtube where he shares more information about HELOC's.