You use the home equity loan to pay off the mortgage.
You may have to pay your property taxes and homeowners insurance separately, instead of having them included in the mortgage payment.
Bruce
The mortgage is set up as a home equity loan and does not require you to escrow taxes or insurance.
Did you get a home equity loan and use it to pay off your mortgage? Or was this in addition to your mortgage?
I'm hoping to get a break on my overall interest rate in addition to some cash back, so I'd only do the home equity if I couldn't find an acceptable refi.
Thank you everyone who has responded! I really appreciate the advice.
--- Chip
---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>.
Keelin, Bruce, Liam or Galen ---- You are receiving this because you are subscribed to the list named "UnivCity." To unsubscribe or for archive information, see <http://www.purple.com/list.html>.
