Here is a new Post at Best Auto Refinancing Loan – Getting The Cheapest One, Auto Loan ….
These are difficult economic times and people nationwide search for options in order to make manageable their monthly finance, and one option that arises as.
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What is the different between loan,refinancing,home equity?
Hey I used to be a loan officer for several years. This is a generic answer and may not fit your needs, however here goes. A home equity loan/line is a secondaray mortgage the Loan is a fixed rate product that borrows against the difference in the mortgage current and the appraisal on the property thus equalling equity. The line I wouldn't touch with a 100 foot pole it has a variable rate of interest and it has been fluctuating all over the place with all the recent changes in the market and prime rate all over. On the issue of refinancing something to consider is what was the rate on your home when you got the original mortgage? If is at or around 5 percent. LEAVE IT!!! You won't see a rate like that again for quite some time. Its not worth rolling that low rate into a new mortgage to get equity out of it and thus suffer an increase of possible up to 8% depending on your loan to value in the house. Meaning how much of your equity is left if you refinance. The less equity in your home means the higher of an interest rate you will receive. Lenders are tricky and will take you for a loop if you let them. If you need additional money for whatever you are trying to achieve and cannot come up with the cash. Listen the best way to go is a home equity Loan with a fixed rate and the minimal amount needed not a penny more. Most draws are grouped into the thousand dollar category. Meaning If you need 10,100.00 you will have to take a home equity line in the amount of 15,000.00 or that is what they tell you. If you complain enough you can get the loan for the amount you need only. Bankers will try to get you up to up your original draw from say 10k to 25k to get a discounted rate on interest. Don't do it. Also they try to get you to back your equity loan with a third open ended line of credit that they tell you that it dosent have to be drawn off of. There benefit they offer is that if will waive the annual maintanince fee if you get both. Do NOT DO THIS!! People often get themselves in bad financial situation they dont need to get into because of it. I have seen people say yea that would be a good thing to have in case of emergency and then they end up maxing out both the equity loan and the line of credit. Remember that all three of those products are tax dedicutable ,the mortgage interest. On the refiance your cost include mortgage appraisal, tax, recording fees, loan originator fees, however on home equity since it is only a secondary lien against an already preexisting mortgage offers the benefit of free apprisals and fees( with most banks) if you get 10k or more. Also no closing cost on a home equity loan/line and you do pay closing cost again with a refinance. The rate may be cheaper on a refinance than home equity but a true mortgage loan officer can recommend the correct solution if they are honest. Does the fees and closing cost equate to saving compared in relation to the home equity loan/line and possibly a short term higher interest rate. Good Luck!!
FYI, here is a list of recently published Posts on same topic:-
Downside Of Refinancing-few Things To Be Careful Of
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