Can you change a home equity loan to a personal loan?
Tags:brother, home equity loan, personal loan,
3
My brother-in-law took out the home equity loan as well as he went to refinance his residence as well as for whatever reason the residence did not value for what it indispensable to partly since of the home equity loan which he already had. He was told to compensate off his home equity loan as well as come behind to refinance his house. Is there any way which he can shift his home equity loan to the personal loan? Or would which even help? greatfully help. thanks.
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Sure, but an unsecured la will have a rate of 2% higher attached to it. Based on what you’re saying the brother-in-law has enough debt already.
No, there is no way to change a low risk, secured home equity loan into a high risk, signature only, personal loan. You would have to borrow funds in a totally unrelated transaction and then pay off the home equity loan. It is not a good idea and probably would not help.
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