Discharging Mortgage With an Existing HELOC
Will be paying off my mortgage next week, I want to keep my HELOC for the low borrowing rate, does this mean I shouldn’t discharge it? Can you discharge your mortgage but keep the HELOC?
Apr 9th, 2021 12:56 pm
Apr 9th, 2021 2:12 pm
Apr 9th, 2021 6:50 pm
Depends. Some FIs offer (mostly credit unions) multi-purpose mortgages that can have both standard mortgage and HELOC on the same file. So, you can't discharge one without the other in that case.WetCoastGuy wrote: ↑ Yes, they are two separate things. The HELOC is a basically a second mortgage on your house that will become the first mortgage after your mortgage is discharged.
I had a mortgage and a HELOC with ScotiaBank. My HELOC is still active after my mortgage was discharged many years ago.
Apr 12th, 2021 12:45 pm
Apr 12th, 2021 2:05 pm