Refinance Home Equity Mortgage
Looking for a way to consolidate debt? A cash-out mortgage refinance may be a great option. If you'd rather not refinance, a home equity loan may suit your needs instead. Both options allow you to consolidate debts and get your hands on extra cash. However, the two loan options operate differently.
If you choose a home equity loan instead of a cash-out mortgage refinance, you leave your existing mortgage loan intact. You get a separate loan, based on your home's value and the amount of equity you have in it. By contrast, a refinance loan eliminates your current mortgage and creates a new mortgage loan.
Understand Your Options for a Refinance or Home Equity Mortgage
A home equity loan can provide you with a way to obtain cash. However, it cannot do the same things a refinance loan can. For example, it cannot lower your monthly mortgage payment or the interest rate on your mortgage loan. A home equity loan cannot shorten the length of your mortgage or change the terms of your mortgage loan. It is a separate loan with entirely different rates and terms. Unlike a refinance loan, a home equity loan allows you to choose between a lump-sum payment and a revolving line of credit.
Whether you desire a home equity loan or a refinance loan, you need a reliable source for obtaining low rates. We can provide you with leading lenders at 4MortgageRateQuotes.com that offer the absolute lowest rates. Submit your online quote request today and find the perfect lender for your refinance or home equity loan.