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Refinancing can be done in a few different ways. One of the most popular recently has been the home equity loan.
A home equity loan is a loan used to pay off your existing mortgage at a lower rate.
Also, when refinancing with a home equity loan, you have the option of liquidating some of the equity you have established in your home through monthly mortgage payments and appreciation.
Lets suppose you owe $125,000.00 on the mortgage to your home, but your home is worth $200,000.00. This means you have $75,000.00 worth of equity that you can liquidate.
Realistically, you could get a home equity loan for $150,000.00, pay off your existing mortgage, and have $25,000.00 left for home improvement, a new car, college tuition, etc.
Home equity loans also come in the form of a line of credit, better known as a home equity line
of credit.
The difference between a home equity loan and line is that the line comes with a variable rate, which means it will adjust with the prime rate, so be careful when deciding.
The home equity credit line can also be re-tapped once it has been partially paid off, or paid off in full, which makes for much convenience.
Before deciding on how you want to go about doing your refinancing, be sure to educate yourself as much as possible about the mortgage industry.
Also, shop around for the best rate and program that fits your needs and budget. The mortgage industry is a competitive one, so let them fight for your business. Good luck.
About the author:
Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of http://www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.
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Student Loans: The Real Numbers to Worry AboutHuffington PostNews stories about student loan debt have suddenly become as numerous as stories on the US economic recovery -- I counted over 20000 articles/blog posts for each in the past month. Why the firestorm of press coverage? First, there's the possible ...and more » |
Forbes |
Student Loans: Stupid Is As Stupid DoesForbesTwo, three, five sometimes even ten articles a day on the student loan crisis find their way into Google news and other feeds that I get on college-related topics. People have frequently asked me of late if I will write something on the student loan ...and more » |
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