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Home Equity Loan Refinancing

Carrie Reeder

If you have lived in your home for more than two years, it has

probably appreciated which means that you have built up equity.

What is home equity? Home equity is the difference between the

value of your home and the amount of all that you owe on your

home. If your home has an appraised value of $200,000 and all of

the outstanding liens against it total $150,000 then your home

equity equals $50,000. Often times when a home has accumulated

value, the homeowner decides to take some of that value out in

cash. Sometimes the cash is used to pay off bills, for home

improvements or for a child's education. One of the best ways to

tap the money available from your property is to refinance it

with a home equity loan.

When considering a home equity loan, there are several steps you

should take to ensure you choose the refinancing package that is

right for you.

� The current market for home equity loan refinancing is crowded

and very competitive. As a homeowner you probably receive

solicitations for loans almost daily via the telephone or the

mail or the Internet. Be wary of accepting any of these

solicitations without thoroughly investigating them. The best

course of action might be to initiate your own independent

search for a financial institution or mortgage broker. Also be

aware of the fact that a mortgage broker in any loan situation

is not automatically working to get you the best deal. You are

the person who should take responsibility for making sure that

the final loan product is the one you need. The Better Business

Bureau, the yellow pages, the Internet and references from

friends are all good places to start your search for refinancing

your loan.

� You will need a certified appraisal for the actual loan.

However, it is wise to have an idea of the value of your home

before you begin the process of refinancing. There are many

online services that will give you an estimate of your home's

value. Many times home sales are listed in the newspaper. Watch

these listings for homes in your neighborhood that are similar

to yours in size and condition. Note their prices.

� Know your credit score. By law you are allowed one free credit

report a year. The credit reporting agencies that supply the

report generally will also offer your FICO score for a small

additional fee. There are other factors that influence your

ability to obtain a home equity loan but your credit report and

FICO score are good places to start.

� Once you have identified several possible sources for

refinancing your loan, have the lenders explain the different

loan products they offer. Don't be afraid to ask specific

questions and don't be hypnotized by a low interest rate. A low

interest rate alone is not sufficient reason to accept a loan

proposal. Ask about the term of the loan and the closing costs.

Make sure the lender explains any terms you may not fully

understand such as points.

� Let the lenders know they are competing for your refinancing

business. Sometimes a lender will sweeten your deal if there is

the possibility the it might be lost otherwise.

� Have all proposals submitted in writing. Take the time to

compare them and always make sure you are comparing the same

types of things. For instance, don't just look at the bottom

line number on the closing costs see what each lender is

including in the closing costs.

� Be alert to potential scams. Don't be intimidated by your

refinancing lender into signing anything that isn't absolutely

true. Don't sign anything that has blanks or that you haven't

read.

� Know your rights. There is generally a three day penalty free

right to cancel when you refinance your loan. If something

doesn't seem correct to you, don't shy from invoking that right.

Refinancing your loan in order to access your home equity can be

a wise financial move. Your home, however, is probably the

largest portion of your net worth so proceed with caution and

knowledge.

About the author:

Carrie Reeder is the owner of

href="http://www.abcloanguide.com">www.abcloanguide.com, an

informational website about various types of loans. View her

recommended

href="http://www.abcloanguide.com/refinancehomeequityloan.shtml">

Refinance Home Equity Loan lenders.

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Americans Tap $8.3 Billion in Home Equity, Least in a Decade - Bloomberg

C&F Financial Corporation Announces Second Quarter Earnings - PR Newswire (press release)

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