Refinancing Versus Home Equity Loan

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For many homeowners, having home equity is like having a large savings account. It represents a substantial cash reserve you can draw upon when needed. But what’s the best way to access it? Two of the most common ways are through a home equity loan/line of credit or a cash-out refinance. Each has certain advantages or disadvantages.

A home equity loan, like a first mortgage, allows you to borrow a specific sum for a set term at a fixed or variable rate. Because of this, a home equity loan is, in reality, a second mortgage. You can use a home equity loan to refinance your first mortgage, a current home equity loan or a home equity line of credit.

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If you are refinancing to lower your payments, do the math: Remember, when you refinance a home equity loan, make sure you’re aware of any closing costs or other fees. Determine how many months it will take you to cover the fees. It’s not worth refinancing your home equity loan if your fees negate your monthly savings.

If your current mortgage is satisfactory, home equity loans can be a less expensive option for consumers who need access to cash, while refinancing may be a way to lower monthly payments or save money on interest.

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Consider the benefits of refinancing. Tax benefits – Take advantage of tax benefits that come from consolidating other debts into your home loan(s); include your auto loans and other installment debts into your mortgage loan payment so that the interest paid may be tax-deductible.; Convenience – Combining your first and second home loans (and possibly other loans) into one payment saves you.

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A bulk amount is like an installment loan, with regular same payments over a set time. Most home equity loans are for 10 to 15 years; refinance loans are a mortgage over 30 years. As a general rule of thumb, the longer the loan the more interest will paid, which can make them more expensive.

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