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Q: When should I refinance?

Home-Equity-Loans.org

A:  Refinancing is applicable to you in several instances.  If home equity loan rates have dropped considerably lower than the rate at which you originally took your home equity loan, then you should consider refinancing.  Also, if you later find that either an adjustable rate or fixed rate mortgage is better suited to your current needs, you should refinance and switch to the type of rate you prefer.  Other scenarios when refinancing is viable are if you simply want to use the built up equity in your home or if you just want to reduce the payment period on your home equity loan.  

Nowadays, since "no-cost" refinancing is available, the old rule that said to only refinance when the rate was down two points is no longer applicable.  Remember, however, the term "no-cost" can be misleading because all it means is that you will not have to pay fees during closing.  The closing fees still exist - They are just added into the loan itself, or, they are mixed into the home equity loan rate - thus making it higher than normal. 

The overall determining factor of whether to refinance or not is in the time period it takes to regain your costs. In other words, calculate what you will be saving per month and compare that to the costs of refinancing your home equity loan.  How many months will it take until you break even?  Do you plan to still be residing in your home for that long or is it too far off to tell?  Make sure you answer these questions as honestly and unbiased as possible.  If you do determine that you are planning to reside in your current home for a definite length of time, home equity loan refinancing is the smart choice. 

Home Equity Loan Refinancing Guide

Home Equity Loan Refinancing Economic Terms & Definitions
Home Equity Loan Refinancing Refinance Mortgage 101
Home Equity Loan Refinancing Refinance Options
Home Equity Loan Refinancing Refinancing? Save $$ On Title Insurance
Home Equity Loan Refinancing Should You Refinance?
Home Equity Loan Refinancing When to Refinance?
Home Equity Loan Refinancing Step 1: Making a Decision
Home Equity Loan Refinancing Step 2: Be Prepared
Home Equity Loan Refinancing Step 3: Loan Choices

 

 

 

 

 

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