Refinance Home Equity Loans
Some people confuse refinance loans with home equity loans. Though they can both provide a way to get your hands on extra cash, they are two different kinds of loan products. Refinance loans essentially eliminate original mortgage loans, creating completely new mortgages. Often people choose to refinance for lower interest rates and obtain lower monthly payments. Some refinance in order to get cash to use for a variety of purposes.
A home equity loan is somewhat different. Essentially, it is a loan on the portion of your home that you own free and clear. For example, if your home is worth $125,000 and the amount you still owe on it is $75,000, you have $50,000 in equity on your home. You can secure a home equity loan based on the amount of equity you currently have in your home.
Deciding between Refinance and Home Equity Loans
Like many things, making the decision to obtain a refinance or home equity loan takes careful consideration. It is wise to research loans and lenders and compare options to determine which type of loan offers you the most benefit and the highest savings. How can you obtain rate quotes to compare? Use our lender to borrower matching service at 4MortgageRateQuotes.com. We'll provide you with up to four quotes from some of the most reputable lenders in the country.
There's no need to thumb through the phone directory for lenders or take your chances with unknown companies online. We'll connect you with top lenders, allowing you to compare quotes for free! Submit your online quote request at 4MortgageRateQuotes.com.