Vaughan @ 1:56 pm : January 3, 2011 Theresa @ 10:08 am : Qwest...that is EXACTLY what you should do, as long as you have the equity in your home to do it...My husband and I did exactly that about a year and half ago and are thrilled with how the HELOC works. With our conventional mortgage, in a 12 month period, we had only reduced our principal by $4800. After hearing about this process with the HELOC, we transferred our entire mortgage over to the HELOC...within 12 months, we had taken $22000 off of our prinicpal...we have a 10 year HELOC that will be paid off in 4 years. No disrespect Peter...but this works and works really well, if you do it right. If you are a spender...don't do it.. too much money is available to you as the HELOC gets paid down. In essence, your house becomes your savings account. The banks that tell you it won't work are the ones that either don't understand it or don't want to lose the interest they can make off of us. We are VERY happy with how this worked so beautifully...our goal is to pay this down and sell...even in a terrible market, we can now take a "loss" on our home and still walk away with money in our pocket for a nicer house in the near future and do this all over again.... Key bank has a fantastic HELOC program that works great for this...and they understand how