can i get a home equity loan after refinancing

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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.

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