I used my HELOC to pay for college. Should I refinance my home mortgage?

“A broad rule of thumb is that you should spend about 5 to 15 percent of your. if the HELOC is used for something other than buying or improving a home. For homeowners with good credit who need a.

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One of the major risks of refinancing your home comes from possible penalties you may incur as a result of paying down your existing mortgage with your line of home equity credit. In most mortgage agreements there is a provision that allows the mortgage company to charge you a fee for doing this, and these fees can amount to thousands of dollars.

Q. I used my home equity line of credit (HELOC) to pay for my son’s college. It has a $100,000 limit and I’ve used $85,000. I can handle the monthly payments but I’m wondering if it’s.

So before you get a cash-out refinance, home equity loan or home equity line of credit (HELOC), think about how you plan to use the money. Here are five common ways to spend home equity money.

For various reasons, our savings are not sufficient to pay for college given the current costs that I see. As home mortgage refinance rates have dropped to their lowest levels in my lifetime (around 3.75%), I had the notion of conducting a refinance on our home mortgage and pulling some money out to help pay for college costs.

If you know your HELOC will enter the repayment period soon, and want to estimate what your new payments will be, use our HELOC Payoff Calculator and then evaluate your budget. 4 ways to refinance.

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Refinance your existing mortgage with. take out a $50,000 home equity line of credit. Your home currently appraises for $500,000.. year should then be used to pay off HELOC or your mortgage.

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Home Equity Line of Credit (HELOC). HELOC funds can be used to remodel your home, pay for college or even take vacations.. It allows you to refinance your mortgage, borrowing more than you owed and taking the equity out in cash. In this case, you get cash to use as you wish and a fixed.