A home equity line of credit can be refinanced at any time, although there may be some limitations depending on where you live and your lender’s requirements. What’s more, there’s usually no prepayment penalty for closing out a HELOC. One thing to bear in mind is that you only pay interest on the cash you borrow, so if you want you can pay your balance down to $0, you can keep the line open to use in the future if you need it at a later date.