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Is it possible to roll a home equity line of credit into a new mortgage?

I currently live in a 2/2 condo that I have a traditional mortgage as well as a home equity line of credit. I have a growing family and need a bigger house. Is it possible to transfer the line of credit to a new mortgage?
  • October 16 2012 - Boca Raton
  • 0Yes

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Answers (3)

Because the line of credit is secured by your current property, it must be paid off when you sell your home.

  • October 16 2012
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Profile picture for CMG Loans
Yes you can roll the second into a new first. You must have adequate equity in order to do it. Would you like me to research a program for you? 

Best,
Ryan
  • October 16 2012
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Profile picture for Joseph F Moore

The short answer is No.  The line of credit is secured by the property and I don't know any banks that would transfer the liability to a new property.

You could always pay the line of credit off with a personal unsecured line of credit, but the interest rate will likely be higher.

If your selling the property then all liens need to be paid off prior to transfering equitable title.  You should speak with a local realtor in your area along with a banker.

Best of Luck!

  • October 16 2012
  • 0Yes

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