Home equity loan or refinance existing home loan?
Hottiez asked:
My husband and I are looking into a home equity loan or refinancing our existing home loan. We own a doublewide on 4 1/2 acres that has been converted to real property.
Which is better? A home equity loan, or refinance our existing loan? Where do we start? What should we know? And what we should be careful of?
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My husband and I are looking into a home equity loan or refinancing our existing home loan. We own a doublewide on 4 1/2 acres that has been converted to real property.
Which is better? A home equity loan, or refinance our existing loan? Where do we start? What should we know? And what we should be careful of?
April 1st, 2010 at 5:23 am
If you have a great rate on the first then leave it. It also depends on the size of your HEloan. Ask your broker or bank to compare the two and see what’s in your best interest. A HELOC is very easy depending on your credit. If the credit is good then you should expect a no closing cost loan at about 5%
You can email with any other questions