Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?
Written By: admin on June 16, 2009
One Comment
A couple of years ago, my spouse and I doubled the size of our home which we had owned "free and clear." To do so, we took out a 20 year home equity loan for 0,000 at a rate of 5.85%. Since we already owned the home and this was technically not a mortgage, there was no downpayment on this loan. With rates coming down, do we have any hope of refinancing our home equity loan? Or, is refinancing basically restricted to mortgages? Thanks.
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Tags: downpayment, Home Equity, home equity loan, mortgage, mortgagesTags: downpayment, home equity loan, mortgage, mortgages
because the loan was secured by real estate it is technically a mortgage. If you do refinance you will be looking at a either a new conventional mortgage or a new home equity loan.