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Is it possible to refinance an existing home equity loan? |
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Answer
In a word, yes. But maybe not at the best rates. I refianced 2 years ago to get some cash to pay off credit cards, do some home improvement, etc. But the rate I got then was 10.3% and it's an ARM. So, I'm now trying to refiance and get a lower rate, but what I'm finding is that since my house was refinaced once before I'm not getting the best rate!
Answer
Yes you can. It will depend on the time you have had it [ many lenders like you to hold it between 6 and 12 months ]. Then it will depend on your credit score and the loan to value of the equity line.
All things being equal you will not have to pay a higher interest rate unless rates have gone up. You may pay a lower rate.
First answer by ID0000000000. Last edit by Processor. Contributor trust: 244 [recommend contributor]. Question popularity: 157 [recommend question]
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