If you have lived in your home for a reasonable amount of time, you may be considering refinancing.
Refinancing can be done in a few different ways. One of the most popular recently has been the home equity loan.
A home equity loan is a loan used to pay off your existing mortgage at a lower rate.
Also, when refinancing with a home equity loan, you have the option of liquidating some of the equity you have established in your home through monthly mortgage payments and appreciation.
Lets suppose you owe $125,000.00 on the mortgage to your home, but your home is worth $200,000.00. This means you have $75,000.00 worth of equity that you can liquidate.
Realistically, you could get a home equity loan for $150,000.00, pay off your existing mortgage, and have $25,000.00 left for home improvement, a new car, college tuition, etc.
Home equity loans also come in the form of a line of credit, better known as a home equity line of credit.
The difference between a home equity loan and line is that the line comes with a variable rate, which means it will adjust with the prime rate, so be careful when deciding.
The home equity credit line...
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