If you are refinancing to lower your payments, do the math: Remember, when you refinance a home equity loan, make sure you’re aware of any closing costs or other fees. Determine how many months it will take you to cover the fees. It’s not worth refinancing your home equity loan if your fees negate your monthly savings.
How to Refinance a Home Equity Loan | Pocketsense – If you’re refinancing a home equity loan to secure a home equity line of credit, you’re likely exchanging a fixed rate for a variable rate. Before doing so, certified financial planner Don st. clair suggests considering how a rise in interest rates might affect your ability to make the required payments.
Home Equity Loan vs. Personal Loan for Home Improvement | Earnest – A home equity loan leverages the money you've already paid.. student loans or preview your potential savings from refinancing with Earnest.
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