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How do you "close" a HELOC without paying it off? ReFi bank is requiring this.

  • June 11 2012 - Fairfax
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Answers (3)

You cannot close a HELOC account with out paying off. You can request them to freeze it if the refinancing banks is OK with that option.
  • June 14 2012
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Thanks.  I'm planning on paying off the HELOC with cash out on the ReFi.  Citi has the first, and is doing the refinance.  I'll give Chase a call.
  • June 11 2012
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Call up the bank that is holdng the HELOC and let them know what the refi bank is requesting. I don't know if they can close it, but they may be able to put a freeze on future use. It does not mean that you are paying it off, it just prevents you from charging anything else on it in the future. (which is what the refi bank is requiring you to do)

It's the same as with a credit card.   Closing it prevents you from charging on it anymore, but you still have to pay the outstanding balance.
  • June 11 2012
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