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Refinancing with Home Equity Loans

Jennifer Hershey

If you have lived in your home for a reasonable amount of time,

you may be considering refinancing.

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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