Home Equity Loan
Is this a good time to get a Home Equity Loan?
I have an adjustable rate loan for my second mortgage, and I want to transfer that balance into a fixed loan with a lower interest rate - and 8-9% would be lower than my current rate. Is this the best way to go?
Public Comments
- If you already owe the debt, and are not going deeper into debt on your home, it really doesn't matter. Other than the savings of your interest rate. Transfering a loan has no (or very little) difference in effect. After the first of the year I'm doing the exact same thing. But in Michigan, I would not add any more debt to this house. Nothing is selling around here.
- Rates are btwn 6 and 7% in my neighborhood.
- I would get a Home Equity Loan just a refinanced 2nd. Home Equity Loans interest rates tend to adjust quite a bit.
- sounds like it. talk with an experienced loan officer so you can walk through your specific situation.
