Home Equity Refinance Loans

Question by wise investment: What is the difference between getting the equity of your home and debt consolidation?

Best answer:

Answer by mikala m
debt consolidation would be an unsecured loan, home equity would have you house as a backing.

difference…if you dont pay home equity, you lose your house.

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Use your home equity is a very savvy way to borrow large sums of money at a very low cost. Although there are different types of loans that lenders offer products that are the two most common and popular home equity loans and home equity line of credit.

http://www.equitylinesite.com/2009/11/the-difference-between-home-equity-loans-and-home-equity-line-of-credit/

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When you need the cash out of the equity of your home you may wonder which one is better for you – a cash out mortgage or a home equity loan. The truth is that both have their advantages – but probably one will be better for your situation than the other. This will mean that you need to know a little about each in order to make up your mind. Here are some differences between the two.

A cash out mortgage will involve refinancing your first mortgage. This could be a great way to go, especially if you can get interest rates on the refinance that are at least one percent (two percent is to be preferred) lower than your present mortgage rates. So not only could you get the equity you want, but also you will save thousands of dollars by getting better interest rates, too.

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I mean both are similar, and can be used for the same reasons. What’s the difference, which ones are better to apply, which ones are you more likely to get approved of, and WHY are many banks not offering lines of credit/loans…but yet, DO offer “home equity lines & loans?”

I have a mortgage of 200K.I have a first mortgage of 160K at a fixed rate of 5.785% over 30yrs. and the 2nd one’s 40K at 9.00% fixed.Now,the value of my place went up to about 350K in the last 4 years.Should I stay with my current plan or should I re-finance? And if I do,which way should I go? Home Equity loan or Home Equity line?

I am searching for financing to make home improvement repairs, I submitted a request for a home equity loan through lending tree. The lenders throwing out terms such as 1st mortgage, 2nd mortgage, and home equity loan.