Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?
Tags:downpayment, home equity loan, mortgage, mortgages,
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A integrate of years ago, my associate as well as you doubled the distance of the home that you had owned "free as well as clear." To do so, you took out the twenty year home equity loan for 0,000 during the rate of 5.85%. Since you already owned the home as well as this was technically not the mortgage, there was no downpayment upon this loan. With rates entrance down, do you have any goal of refinancing the home equity loan? Or, is refinancing fundamentally limited to mortgages? Thanks.
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because the loan was secured by real estate it is technically a mortgage. If you do refinance you will be looking at a either a new conventional mortgage or a new home equity loan.
You can refinance a home equity loan. 5.85 seem like a very low rate as it is for a home equity though.