Could a home equity line of credit loan be refinanced at a lower interest rate?
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One Response to “Could a home equity line of credit loan be refinanced at a lower interest rate?”
The short answer to this is Yes. However, there are a lot of factors to consider. For one, how many years do you anticipate you will have the loan? If your payoff is within a year, I wouldn’t bother.
Does your current financial institution charge an early payoff penalty? Consider that along with any other fees you will encounter when applying for a new loan.
Make sure you do not fall for a variable interest rate or a balloon type loan.
As you seek a new lender, make sure you compare the closing fees of your loan. You might find a good rate with low closing fees, and then you’re way ahead of the game.
The short answer to this is Yes. However, there are a lot of factors to consider. For one, how many years do you anticipate you will have the loan? If your payoff is within a year, I wouldn’t bother.
Does your current financial institution charge an early payoff penalty? Consider that along with any other fees you will encounter when applying for a new loan.
Make sure you do not fall for a variable interest rate or a balloon type loan.
As you seek a new lender, make sure you compare the closing fees of your loan. You might find a good rate with low closing fees, and then you’re way ahead of the game.
Good luck!!