Refinancing Your Home Equity Loan - How To Refinance A Home Equity Loan

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Refinancing Your Home Equity Loan - How To Refinance A Home Equity Loan By Carrie Reeder

Refinancing your home equity loan is simple when using online lenders. By comparing loan quotes, you can find the lowest costing refi solution. In addition, you can save time and hassle by completing your application online. In less than two weeks, you can reduce your rates and payments by refinancing your home equity loan. Refinancing Options For Home Equity Loans You have a number of options for deciding how to refinance your home equity loan. The simplest method is to just refinance your current home equity loan as a second mortgage. The other option is to refinance both your first and second mortgages to qualify for lower rates than if you just refinanced your second mortgage. You also save on closing costs by paying lawyer, appraisal, and other fees just once. In addition, the hassle of multiple applications is eliminated. However, combining mortgages is not always the best financial choice. In some cases, refinancing separately will get you better rates. You may also save money by having different terms on your mortgages. For example, you may want your first mortgage for 30 years, but your second mortgage for five. Start By Comparing Numbers To see real savings on your interest and monthly mortgage payments, ask for loan cost estimates from lenders. For a quick search, look at the APR to find the lowest costing refi package. But to get a real sense of your savings, calculate the interest cost on your current home equity loan and potential refi loan. Remember too that there is flexibility with your refinancing. You can shorten your loan to reduce interest or lengthen terms to reduce monthly payments. Finishing The Refinancing Process By looking online for your refinancing quotes, you have practically completed your loan application. When you receive a quote, most lenders provide an option to finish the application. This may mean
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submitting a request online or completing a form. Once your refinancing has been approved and loan contract signed, your original loan will be paid off by your lender. You can start enjoying your lower monthly payments in less than two weeks.

Visit http://www.abcloanguide.com/refinance.shtml for a list of home equity refinance lenders online. View our recommended lenders for refinancing your home equity loan online.

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Choosing Mortgage Refinancing For Debt Consolidation By 12 Day Refi

Refinancing your home mortgage loan is a smart way to pay down your debt faster and save money at the same time. So is applying for a home equity loan. Either can be viable options for those whose debt has become unmanageable and who are looking to consolidate their debt into one loan with a more favorable interest rate. What’s even better is that the interest paid on a home equity loan or mortgage refinance loan is tax deductible whereas the interest you pay on your credit cards is not. There are some who caution against tapping into these sources of cash for debt elimination because the home is used as collateral. If for some reason the home equity loan or the refinanced mortgage loan cannot be repaid, the borrower’s home can be at risk. Determining your home’s equity Unfortunately, you can only tap into these sources of cash if you have equity in your home. How do you know if you have any equity? You start by determining your home’s market value. From that, you deduct the amount owed on your mortgage. So if your home is worth $200,000 and you owe $180,000 on your mortgage, you have $20,000 worth of equity. How your house helps reduce your debt The benefit of a home equity loan or line of credit is that you use the money as you need it. Home equity loans are generally easier to get and they won’t cost much, if anything, to obtain. With a home equity loan you are taking out a second loan which sometimes causes home equity loan rates to be higher to offset the higher risk. When approved for a home equity loan or line of credit, you can use the money to pay off your individual credit card balances, bringing the balance due on each down to zero. Instead of having to pay multiple bills each month thereafter, you need only focus on repaying one: your home equity loan. Since home equity loan rates are typically much lower than those on a credit card, more of your monthly payment will go towards paying down the principle. As you pay down the principle on a home equity loan or line, that money becomes available again, should you need it. Cash out refinancing works a bit differently. In this type of transaction, you are refinancing your home mortgage loan. You’ll refinance at an amount that’s more than is needed to pay off the principal due on your home. For example, if you still owe $180,000 on your home and you need $20,000 to repay your debt, you would refinance for $200,000. By doing so, you’ll get a check for $20,000 at closing which you can then use to pay off your debt! This is a very simplistic explanation of how home equity loans and home mortgage refinancing can help you eliminate your debt. If you think either option sounds like it might benefit your situation, why not sit down with a refinancing expert and discuss your options in detail! http://www.12dayrefi.com

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Related eBooks: Choosing Mortgage Refinancing For Debt Consolidation Deciphering the Types of Home Refinance Loans Refinancing With A Second Mortgage Or Home Equity Loan VA Loan Refinancing For Home Equity Refinancing All You Need to Know About Home Equity Loans Get more Free PDF eBooks at FreePDFeBooks.com Related Products: How to Buy a Car Without Getting Ripped Off! BEFORE You Borrow Money Free Government Grants Home Remodeling Secrets Write Around The World FREE!

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