Does a HELOC also lower my mortgage payment like a refi does?

Possibly, but if it does, it's because in the early years of a HELOC, the monthly payment is interest only. Eventually, the HELOC will require much higher principal and interest payments negating any benefits of the earlier years.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.Licensed in AZ, CA, GA, IL, OR & WA... In fact, NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000.

Maybe. There are many mortgage calculators all over the internet that allow you to run payments, plus your Loan Officer will be happy to do it too. I lend in WI MN IA SD ND. Find me at Wi-MortgageBroker.com - Cambria Mortgage, NMLS 274132