Loan refinance
Hi — I have often heard discussions of refinancing home mortgages — but I have never heard anyone talk about refinancing only a home equity loan. Our regular mortgage has long been paid off, but we still have a home equity balance of about $195,000 at a variable interest rate that last month was 3.99%. Could that home equity loan be turned into a regular 15-year mortgage at today’s current low rates around 2%? If so, it sounds like it would be a great benefit. Thank you.
Terry Says
It’s insane to have a floating rate home equity loan these days. Likely rates can only float UP!
Immediately refi to a 10 or 15 year fixed rate loan. YOu’ll be glad you did.
