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Home Equity Loans Vs. Refinance Loans
To many people, there seems to be very little difference between a home equity loan and a refinance loan. However, there are some differences. You will find that a home equity loan, whether it looks like a more traditional loan or a line of credit, offers a little more flexibility. However, the refinance loan usually offers a lower interest rate. Both types of loans, however, have interest that is tax deductible. Make sure you understand the features of both before making a decision between home equity loans vs. refinance loans.
Home Equity Loans
Included in home equity loans are home equity lines of credit. You can decide how much of your equity you want to use as collateral for the loan. Equity is how much you own of your home. It is the difference between how much you have left to pay on your home loan and how much your home is worth on the current market. You can borrow part of your equity, or you can borrow all of it. Additionally, you can choose how you want to receive the money: as a lump sum or as a line of credit. This can allow you some flexibility. If you choose the line of credit, you dont have to borrow up to the limit, but more is available if you need it.
Refinance Loans
While some of the accumulated equity in your home is used in a refinance loan, the loan is really meant to establish new terms for your loan. The entire mortgage is redone, and some of the accumulated equity you have can be added in for a cash out, where you take cash and your home is refinanced for an amount that is higher over all. You have no decision as to how to take your loan. It is lump sum. It is applied to pay off your old mortgage, and the remainder, the cash out portion, is given to you. Usually, it is possible to spread the terms out over a longer period of time than a home equity loan, and you usually end up with a lower interest rate.
Home Equity Loans vs. Refinance Loans: Which is Best For You?
You have to decide which would work best for you. If your purpose is to mainly to fix an interest rate or change the loan term to something longer or shorter, and maybe get a little extra cash to pay some bills or take a vacation, the home refinance loan may work best for you. However, if you are looking for flexibility, and you are not sure exactly how much you need, a home equity loan, in the form of a line of credit, might be your best option. Do your research, though, and shop around for a loan that suits your specific needs.
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Visit Home Equity Wise for more information about the advantages and disadvantages of a Home Equity Loan vs. Refinance.
More Useful Resource and Updates on home refinance utah
- (AFX UK Focus) 2008-11-05 12:15 US mortgage applications slump, costs increase-MBA (Interactive Investor)
NEW YORK, Nov 5 (Reuters) - U.S. mortgage application demand skidded last week, driven by a nearly 30 percent slump in demand to refinance home loans as borrowing costs rose, a trade group said on Wednesday. The Mortgage Bankers Association's seasonally adjusted mortgage applications index, which includes both purchase and refinance loans, slid 20.3 percent to 379.9 in the week ended Oct. 31. ...
- Low hopes for new mortgage program (Standard-Examiner)
WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
- Expectations lowered for mortgage aid program (Connecticut Post)
WASHINGTON -- The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over
- Mortgage aid program gets little attention (The News Journal)
WASHINGTON -- The government expects only 20,000 troubled borrowers will apply to refinance into more affordable home loans by next fall under a new mortgage aid program passed over the summer.
- Response slow to mortgage swap program (The Kansas City Star)
WASHINGTON | The government expects only 20,000 troubled borrowers to apply to refinance into more affordable home loans by next fall under a mortgage aid program approved over the summer.
- US mortgage applications slump to 8-yr low (The Economic Times)
US mortgage application demand skidded last week to an eight-year low, driven by a nearly 30 per cent slump in demand to refinance home loans as borrowing costs rose.
- Mortgage applications fell 20.3% last week: MBA (Market Watch)
Mortgage applications filed last week fall a seasonally adjusted 20.3% compared with the previous week, as rates on fixed-rate mortgages increase, the Mortgage Bankers Association reports on Wednesday.
- Aaround the nation | Mortgage aid program's projections shrink (The Myrtle Beach Sun News)
WASHINGTON Mortgage aid program's projections shrink The government expects only 20,000 troubled borrowers will be able to refinance into more affordable home loans by next fall under a new mortgage aid program passed by lawmakers over the summer.
- U.S. home-loan applications fall 20.3% (Providence Business News)
APPLICATIONS TO REFINANCE fell 27.8% last week, to 42.9% of applications, as interest rates on fixed-rate loans crept skyward, the MBA found.
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