Home Refinance Mortgage Rates: "Refinance vs. Home Equity
How about using the existing equity in your home to pay off your mortgage? Let's illustrate an example.
Say your existing home has an estimated market value of $250,000 and the amount remaining on your first mortgage loan is $150,000.
You will find that most banks charge zero closing costs with minimal hassle. You simply apply for a home equity loan with a participating lender and instruct the lender to use the equity in your home to pay off your mortgage.
Note that interest rates at 80 percent LTV or lower for large borrowing amounts come with very attractive rates. And many lenders offer up to 15-, 20- and, in some cases, 30-year repayment plans.
You can even use your excess home equity to:
Remodel your home
Finance a new car, truck or recreational vehicle
Consolidate your loans
Send your child to college
Unlike traditional refinancing programs where you pay a lot to refinance your home, using the equity in your home to pay off your mortgage saves you all of the up-front mortgage refinancing costs"
How about using the existing equity in your home to pay off your mortgage? Let's illustrate an example.
Say your existing home has an estimated market value of $250,000 and the amount remaining on your first mortgage loan is $150,000.
You will find that most banks charge zero closing costs with minimal hassle. You simply apply for a home equity loan with a participating lender and instruct the lender to use the equity in your home to pay off your mortgage.
Note that interest rates at 80 percent LTV or lower for large borrowing amounts come with very attractive rates. And many lenders offer up to 15-, 20- and, in some cases, 30-year repayment plans.
You can even use your excess home equity to:
Remodel your home
Finance a new car, truck or recreational vehicle
Consolidate your loans
Send your child to college
Unlike traditional refinancing programs where you pay a lot to refinance your home, using the equity in your home to pay off your mortgage saves you all of the up-front mortgage refinancing costs"
