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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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Home equity loans?
Would I just use this for home improvements? Or do you roll over your mortgage into it so you only have one payment?
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Posted 10/18/13 10:38 AM  |
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chilltocam
LIF Adult
Member since 11/11 9141 total posts
Name:
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Home equity loans?
Generally a home equitly loan is a separate loan from your mortgage. The interest rate is usually variable, so I would not want to pay off my mortgage with a HE loan. Another way to tap into the equity in you home if you just want one payment is to refinance you mortgage for more than the current mortgage which gets paid off and you have the balance to use as you wish.
ETA: Alos, I think most HE loans have a maximum term of 15yrs, butnot sure about that
Message edited 10/18/2013 4:08:04 PM.
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| Posted 10/18/13 4:07 PM |
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Hope2009
Thankful
Member since 1/09 4429 total posts
Name:
A
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Re: Home equity loans?
Posted by chilltocam
Generally a home equitly loan is a separate loan from your mortgage. The interest rate is usually variable, so I would not want to pay off my mortgage with a HE loan. Another way to tap into the equity in you home if you just want one payment is to refinance you mortgage for more than the current mortgage which gets paid off and you have the balance to use as you wish.
ETA: Alos, I think most HE loans have a maximum term of 15yrs, butnot sure about that
yes this is correct. I wouldn't use it to pay off my mortgage because of the adjustable rate. The adjustable rate was a point lower that the fixed rate I was offered.
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| Posted 10/19/13 5:56 AM |
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