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Why You Should Refinance Your Home Equity Line Of Credit
You got a home equity line of credit to make your home improvements. You have finished, and now your line of credit is just sitting there. A good idea is to refinance your home equity line of credit. These lines of credit tend to have some very undesirable characteristics that often cost you even more money that you would think. Refinancing your home equity line of credit can save you money in the long run. Heres why.
Most home equity lines of credit have an adjustable rate
The adjustable rate of a home equity line of credit means that you are at the mercy of rising interest rates. Should rates rise, you will find yourself making higher and higher payments each month. If you want to make sure that you get rid of that adjustable rate and settle in for a predictable payment each month, refinance your home equity line of credit with a fixed rate home loan. You will lock in a rate, and receive protection against further increases.
It can be tempting to keep using that home equity line of credit
While a home equity line of credit is not limitless, it can be pretty easy to keep spending. If you didnt reach your limit with the home repairs, you might be tempting to take more money out. Thats money that you will have to pay interest on. Remember: the more money you take out, the more interest you will have to pay. Refinancing your home equity line of credit is much like cutting up a credit card. You still have to finish paying it off, but at least you wont be using it anymore.
Fees can be a drag
While not all lenders require participation, some charge you monthly or yearly fees during the life of the loan. Also, you might have to pay transaction fees every time you use money from your home equity line of credit. As if paying interest werent enough! If you refinance your home equity line of credit you can pay off the home equity line of credit and get rid of those extra fees.
Avoid the big payment
Some home equity lines of credit require a large payment at the end of the loan term. Not all lines of credit require this, but some do. You make your monthly payments, and then at the end of the term, you realize your payments werent enough to cover. Now you have a big payment. You can usually finance this at the time. However, you can avoid the shock and the hassle if you refinance your home equity line of credit with a regular fixed rate home loan.
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More Useful Resource and Updates on home equity line mortgage rate chicago credit
- Ford asks Congress for $9 billion line of credit (KATU Portland)
Ford said its November U.S. light vehicle sales tumbled 31 percent amid a continued slump in consumer spending. The automaker asked congress Tuesday for the "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it.
- Banks Adjusting Home Equity Loans (FOX 31 Denver)
During this financial crisis, have you checked your home equity line of credit? How about your business line? You might be shocked to learn that banks are now taking back money they've already loaned...in some cases, without warning. FOX 31's Heidi Hemmat reports.
- Ford asks Congress for $9B line of credit (Las Vegas Sun)
Tue, Dec 2, 2008 (10:33 a.m.) Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it.
- Ford asks Congress for $9B line of credit (AP via Yahoo! News)
Ford Motor Co. is asking Congress for a $9 billion "stand-by line of credit" to stabilize its business, but says it doesn't expect to tap it.
- Opening the tap on home equity (Austin American-Statesman)
Borrow before credit line is frozen, some suggest. Many homeowners who have taken out home equity lines of credit have learned in recent months that these loans are not as useful as they initially seemed.
- Park City Group Secures Bank Line of Credit to Complete Acquisition of Prescient Applied Intelligence (Centre Daily Times)
Park City Group, Inc . (OTCBB: PCYG ), a developer of patented retail supply chain solutions and services, today announced that it has secured a $3.0 million line of credit facility with US Bank as part of the previously announced acquisition of Prescient Applied Intelligence (OTCBB: PPID ). The acquisition is financed with a combination of bank financing, operating capital, loans from Park ...
- How the credit crunch will affect you (Reading Eagle)
Can you still count on the credit you thought you had? It's a fair question in this economy, even for people who pride themselves on never missing a payment.
- Home equity lines targeted by identity thieves (ABC 15 Phoenix)
Home equity lines of credit are increasingly becoming targets of identity thieves, according to the FBI's annual mortgage fraud report. "Stolen customer identification is being used to compromise home equity line of credit (HELOC) accounts," the FBI reports.
- Expert: Don Taylor, Ph.D., CFA, CFP (Bankrate.com)
Dear Dr. Don, I have a $170,000 home equity line of credit with Bank of America that is currently completely drawn. I have $100,000 in my bank account and would like to pay down my HELOC with these funds.
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