What is home equity loan refinancing?

Home equity loan refinancing means paying off an existing mortgage with the proceeds from a new loan, using the same property as collateral. It is a second mortgage It is important to note that you may be subject to the same costs you paid to get your original mortgage, including settlement costs, discount points and other fees. A prepayment penalty may apply for paying off the original mortgage early The amount you save will vary depending upon factors such as interest rates, refinancing costs and tax consequences.

Borrowers may have the option to refinance from an adjustable rate mortgage with a high interest rate subject to increases to a lower fixed-rate mortgage.

Home equity loan is a fixed-rate loan, where the lender will give you a lump sum of money, and you pay it back during a specified period of time. Payments are higher than they would be with a HELOC, because each month, you’re paying interest and principal. They are most appropriate if you’re borrowing for a project where you know exactly how much money you’ll need, and you like the consistency of a steady monthly payment.

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