Refinance Your Home Equity LoanWritten by Carrie Reeder
Refinancing your home equity loan is an excellent way to save money. By refinancing your home equity loan you can lower your interest rate and finance for a longer or shorter term. Some things to consider before refinancing your home equity loan are possible tax benefits, how long you intend to stay in your home, what your long term financial goals are, and how could you use money to benefit your family. Refinancing your home equity loan is a great way to save money each month.A home equity loan is a great way to get cash you need and lower your monthly payments at same time. If you already have a home equity loan you may be able to refinance at a lower interest rate and save money. With one short application you can get several quotes and be pre-qualified by multiple lenders. The quotes are free and there will be no credit check until you select lender that will offer you best terms. Refinancing your home equity loan could give you extra cash each month and drop your interest rate dramatically. Bad credit, past bankruptcy, and foreclosures are all considered. There are numerous options available in refinancing your home equity loan. One simple online quote request will give you several quotes from lenders who can design a loan package especially for your situation. If you are a homeowner with an existing home equity loan, consider refinancing to take advantage of many loan options offered by mortgage lenders. Your quick online quote request will give you quotes from several lenders who can refinance your home equity loan even if you have poor credit. There is no mandatory credit check so you will only have one inquiry on your credit report after you have selected lender that is right for you.
| | Refinancing vs Line of CreditWritten by Gary Gresham
Refinancing vs line of credit are two popular options you have when deciding best way to take equity out of your home. Sometimes it makes sense to establish a line of credit. But in other situations it's better to get a cash back refinance mortgage loan. You can find out which loan is best for your situation by doing some simple math. The amount of money you need to borrow and length of time you need to pay it back really determines if refinancing vs line of credit loan makes most sense. Home equity lines of credit are based on adjustable type mortgage rates and move up or down when Fed raises or lowers prime rate. If you don't need to borrow much money and plan to pay off loan in a short amount of time, an equity line of credit may work best for you because you pay least amount of interest. An advantage of a home equity credit line is banks offer their lowest interest rates on adjustable mortgage rate type loans. Also, equity lines of credit usually come without typical closing costs you pay with a cash back refinance mortgage loan. Average closing costs on a refinance loan usually amount to several thousands of dollars. So when you are trying to decide between refinancing vs line of credit that should factor into your decision. Another advantage of a home equity credit line is they are more flexible than a cash back refinance mortgage loan. With a home equity credit line you only pay interest on amount you borrow. The remainder of credit line is available at any time without paying any interest. Home equity credit lines work well for smaller loan amounts, but if you need a large amount of money, say $75,000 to $100,000, you may want to consider a cash back refinance mortgage loan.
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