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Another Option
Use Home Equity to Pay off Home Loan

A new trend appears to be emerging among certain homeowners who want to enjoy the benefits of lower-cost financing on their mortgage without incurring the closing costs generally charged for getting a new loan. To skirt the need to pay closing costs, many borrowers instead are taking out home equity loans and using the funds to resolve their primary mortgage debt. In essence, doing so converts their equity loan - which they can get with no closing costs - into their first mortgage.
Financial experts say this strategy can work for homeowners who have a very low remaining balance on their loans and, therefore, probably could not even find a lender willing to refinance such a small amount. Even if they did, the fees would be cost-prohibitive, considering the low loan balance.

Using equity financing to pay off a first mortgage also is suitable for wealthy and financially savvy homeowners who have big loan balances and expensive homes but also can afford to take on some interest-rate risk. These borrowers can erase their first mortgage by tapping into a home equity line of credit which has the benefit for a low rate and requires the homeowners to pay only the interest on the outstanding principal. However, home equity line of credit rates are variable and are all but certain to rise in the future. Borrowers must have the willpower to pay principal.

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