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Can I refinance my home equity loan and first mortgage?
Instead of only refinancing your home equity loan and continuing to have two mortgages, you can refinance both your home equity loan and your first mortgage into a single loan without increasing how much you鈥檙e borrowing. You鈥檒l get a new interest rate and a new loan term.
How do you refinance a home equity line of credit?
You can refinance a home equity loan by replacing it with a new home equity loan or a new home equity line of credit (HELOC) or refinancing into a new, larger first mortgage. If you don鈥檛 qualify to refinance your home equity loan, a loan modification could be an option.
How much equity do you get when you refinance a house?
You initially paid $300,000 for your home, which appraised at $305,000 for your refinance loan. You鈥檙e looking to borrow $250,000, or about 82 percent of your home鈥檚 value, to pay off your existing mortgage because you wanted better terms. You still retain about 18 percent equity.
Is a home equity loan better than a cash-out refinance?
A home equity loan is easier to obtain for borrowers with a low credit score and can release just as much equity as a cash-out refinance. The cost of home equity loans tends to be lower than cash-out refinancing, and this type of refinancing can be far less complex. Home equity loans also have drawbacks, though.