Can I use the equity in my home to pay off my mortgage?

Credit and mortgage advice Forums Home Mortgage Can I use the equity in my home to pay off my mortgage?

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      Anonymous
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      Suppose I purchase a house for $300k with a 100k down payment. So I have 100k in equity and 200k owed to the bank in the form of a mortgage.

      Ok now let’s assume the value of my property went from 300k to 500k. I’ve theoretically just made 200k. I say theoretically because I haven’t actually sold the home yet.

      So my question is, in this situation could I pay off the 200k mortgage using the 200k in appreciation and be mortgage free?

      I’m sure the answer is no, but I can’t figure out why.



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