Question: Sure, they need to establish the value of your house before > loaning you money with the house as security.

> Sounds a little strange though, borrowing on your house to pay > your house off? So you’re converting your home loan from a > mortgage to a home equity loan? I guess I won’t ask why.

> -Roger

Answer: It will take just a minute to explain. I’ll have a balloon payment of $15,000. I considered taking out a home equity loan instead of another mortgage because I thought there might not be a full appraisal required if my equity was large and the loan amount is small. I posted the query to find out others’ experiences. Since I asked the question, I found out that each institution has different requirements. One I heard of has no associated expenses or appraisal requirements at all; some require a full house appraisal, application fee, etc. So I would just need to call around to locate the best deal. Thanks for your response.

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