Refinance Home Equity

mba3243 · ‎02-18-2010

Hi Everyone,

Is it possible to refinance a home equity loan? I have a 5/1 Arm (at 5.5%) as well as a 20 year home equity loan (which is around 11.75%). Perhaps I am way off, but I would think I could get a better rate. For what its worth, we went the double mortgage route to avoid PMI.

I am not struggling, but would love to save a little money each month and actually start paying down the loans faster.

Any thoughts would be very appreciated. Thanks for the help!

Mark

BrianB_The_Loan_Professor · ‎02-18-2010

It may be possible however it will depend on the value of your home compared to what you owe

You will probably have to combine the two loans if you do this.

It will also depend on your credit and ability to document sufficient income

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly

mba3243 · ‎02-18-2010

Hi Brian,

Thanks for the response. The total loan was about $310k ($249k and 62k). I still owe around $289k, and the estimated home value is around $330k (but who knows anymore).

My credit is good, with a fico around 730+. My salary is pretty good as well (been with my current employer 8+ years). I also have very little debt.

Just wondering if it would be worth the effort.