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How To Avail Refinance Home Equity Line Of Credit? [mortgage-investment.blogspot.com]

How To Avail Refinance Home Equity Line Of Credit? [mortgage-investment.blogspot.com]

Of course, there are other reasons to refinance which would minimize the need to lower the rate at all: a need to create cash, get out of an adjustable rate mortgage, pay off a Home Equity Line of Credit, etc. Qualifying for a refinance mortgage is ... Peter Boutell, Lending A Hand: When does a refinance make sense?

What does home equity line of credit means?

A Home equity line of credit is form of revolving credit in which the home is used as collateral. In most of the cases, credit lines are second mortgages but they will be in the first position. Equity lines of credit are considered as open-end mortgages with variable interest rates and a draw period.
What is a draw period?

The draw period is the starting period wherein one is enabled to use the credit available on his equity line. After the draw period the outstanding balance is amortized for the repayment period.
How much can one borrow in refinance home equity line of credit?

The credit limit of a person is determined by taking a percentage of his home appraised price and deducting the balances of any outstanding mortgages on the property. The maximum Home Equity Line Of Credit Rates during this time is $ 500,000. If one qualifies for the minimum home equity line than its $ 20,000.
How to use the equity line of credit?

After the loan funds, one will receive a book of checks which allow one to start using his credit line. The minimum payment terms during the draw period are usually for ten years.
How often one will be billed with refinance Home Equity Line Of Credit

One will receive a monthly billing statement when he refinance second mortgage, its recommended to take advice from the tax attorney or any accountant to evaluate the tax benefits.
What is the maximum loan line amount?

The maximum loan or line amount is decided by a number of factors. In most of the cases the total mortgages which include the requested loan or line account can add up to 80% and in some cases its up to 100% of the homes value.
What percentage of the home appraised value can one borrow?

The amount that one can borrow vary based on some factors like disposable income, credit debt ration etc. Most of the homeowners can get a loan of at least 80% of the homes value.

To know more about home equity line of credit, click here! Suggest How To Avail Refinance Home Equity Line Of Credit? Issues

Question by CHRISTINA N: Is it possible to refinance a home equity loan to be able to get a lower rate? Just wondering if anyone had any information about being able to refinance a home equity loan to receive a lower rate and if so, how to go about doing that. Best answer for Is it possible to refinance a home equity loan to be able to get a lower rate?:

Answer by Answer G
Hi there, When it comes to refinancing a home equity loan you reall have to shop around to make sure you get the best deal. You your deciding on your option you make to make sure you get the following *Competive Rate *Lower you repayments * Great Customer Service You must not forget the last point, remember your the customer and the customer is always right !!!! Give these guys a go, I think you will be pleasantly supprised http://tinyurl.com/yqnx37

Answer by robert_byrne
Yes, it is not uncommon. A home equity loan is a second mortgage, and the process is essentially the same as refinancing your primary mortgage. Depending on your financial goals, you may want to consolidate your first and second mortgage into a single, low interest primary mortgage. This can be beneficial since second mortgages (home equity loans, HELOCS, etc) always have higher rates than first mortgages. However, if you are certain you want a new second mortgage, keep your credit clean, as second mortgage rates are heavily dependent on your credit score (even more so than first mortgages) Feel free to check out my mortgage information site (no, it's not a sales site) http://www.mortgagemystery.com/ - it containts a good deal of useful information about every aspect of the loan process

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