queen asked:
So if you refinance, you get a fixed amount upfront, whereas home equity line offers more flexibility, I get that. Any other differences?
So if you refinance, you get a fixed amount upfront, whereas home equity line offers more flexibility, I get that. Any other differences?
In terms of interest, closing costs, max loan amounts, and speed with which the loan can be obtained? Also, is home equity loan and home equity line the same thing? WA state.
Allan
Dean
Home equity higher rate of interest, no closing costs limit on amount you are approved for.
refi does not guarantee a fixed amount up front all depends on how much you owe.
Comment by sassy25 — August 14, 2010 @ 9:32 am
Shirley
Home equity will be at a higher interest rate.You are better of just refi at a low fixed rate and pull some cash out.You can go up to 80% of value on your home once above that you will pay pmi.Unless there do 2 loans than you will not pay pmi.Best to get the low fixed rate now before it goes up when the market corrects it’s self and goes down then inflation will kick in and rates will go up.
Comment by stiffy88 — August 17, 2010 @ 9:12 pm
Carrie
In this current credit market it would help to understand your purpose to refinance or seeking a Home equity
For in your question you mention about a fix amount up front; if you are seeking to refinance a loan with a cash out, good luck finding a lender in this market, in general in this market most refinances just focused on the principle owed on the old loan plus rolling in closing cost into the new loan, trying to add additional monies to cash out for yourself might be impossible
Therefore leaving home equity line if you are seeking cash for yourself to pay other bills, are they impossible to get? No; but many lenders are reluctant to issue home equity lines
Comment by goz1111 — August 17, 2010 @ 11:58 pm