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Subject:  HELOC Question Date:  7/20/2006  11:20 PM
Author:  Dodgeball Number:  232446 of 312187

Greetings Fellow Fools,

My wife and I are attempting to refinance our Home Equity Line of Credit. Since we have held our current HELOC for just over one year, according to our lender "if during the first 36 months of your loan you prepay your entire outstanding balance which results in a release of your mortgage or security interest in your co-op, you will pay an Early Closure Releae Fee equal to third party processing fees and any costs we incurred to open your account".

Our mortgage broker has told me that this is a common practice in the industry with regards to a HELOC. Has anyone else dealt with this issue? Thanks.

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