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Can a HELOC be used as a first mortgage?

There are those who make a case for using a home equity line of credit (HELOC) as a first mortgage. Although this may not always be appropriate, there are situations in which a HELOC really could be the best option for a first mortgage. Isn't a HELOC a Second Mortgage? The term HELOC is not interchangeable with the term "second mortgage."

How is a HELOC different from a home equity loan?

A HELOC is different from a home equity loan. A home equity loan gives homeowners a lump sum, secured by their home equity. It’s often referred to as a second mortgage. Home equity loans typically offer fixed interest rates.

Can I get a HELOC If I have a second mortgage?

However, it is possible to have a HELOC in first position if there is no other mortgage on your home when you take it out. Whether as a first or second mortgage, HELOCs have their advantages: Low cost. It can cost less than $500 (or even nothing at all) to set up a home equity line of credit.

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