Is it possible to refinance a home equity loan to be able to get a lower rate?
February 27, 2009 by Debt Equity Financing
Filed under Home Equity
Can you answer CHRISTINA N’s question about Equity?:
Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, how to go about doing that.
Private Equity Investment
Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, how to go about doing that.
Private Equity Investment
Hi there,
When it comes to refinancing a home equity loan you reall have to shop around to make sure you get the best deal. You your deciding on your option you make to make sure you get the following
*Competive Rate
*Lower you repayments
* Great Customer Service
You must not forget the last point, remember your the customer and the customer is always right !!!!
Give these guys a go, I think you will be pleasantly supprised
Yes, it is not uncommon. A home equity loan is a second mortgage, and the process is essentially the same as refinancing your primary mortgage.
Depending on your financial goals, you may want to consolidate your first and second mortgage into a single, low interest primary mortgage.
This can be beneficial since second mortgages (home equity loans, HELOCS, etc) always have higher rates than first mortgages.
However, if you are certain you want a new second mortgage, keep your credit clean, as second mortgage rates are heavily dependent on your credit score (even more so than first mortgages)
Feel free to check out my mortgage information site (no, it’s not a sales site) - it containts a good deal of useful information about every aspect of the loan process