Refinance Home Equity Line Of Credit – Options For Paying Off A Line Of Credit
Refinancing a home equity line of credit can save you from rising interest rates. They can also help you develop a payment schedule that fits your budget needs. And if you consolidate your home equity loan with your first mortgage, you can save even more on rates.
Options For Paying Off Your Line Of Credit
A home equity line of credit with its open terms and rates, makes it an ideal candidate to refinance. The easiest option for refinancing is to roll over the loan to a second mortgage. You can choose fixed or adjustable rates and terms. Closing costs will also be minimal. The other choice is to combine your home loans into one mortgage. This will qualify you for lower rates than if you just apply for a second mortgage. However, if you already have a low rate mortgage, you could lose out on closing costs and interest charges. If you are thinking about doing a total mortgage refi, its best to compare numbers on your financing options. Factor in how long you have left on your original loan, future interest charges, and possible savings.
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