Can You Buy a Home With a HELOC Instead of a Mortgage? Yes. Here's How.

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Most people assume transitioning from a mortgage to a HELOC requires significant equity. The actual threshold is much lower than that.

As little as 10% equity is enough to refinance your entire mortgage. Michael did it 14 years ago. A banker questioned how 10% equity could pay off a 90% balance. The answer was a straightforward refinance.

Most homeowners already have that equity between their down payment and whatever principal has been paid since purchase. And what fewer people realize is that a HELOC can also be used as the primary financing instrument to purchase a home from day one, no traditional mortgage required.

Both options exist. Most homeowners have never been told about either one.

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