| Refinancing a home equity line of credit can save you | | | | Be Choosing With Your Lender |
| from risinginterestrates. They can also help you | | | | Your current lender will automatically strive for your |
| develop a payment schedule that fits yourbudget | | | | business, buttakethe time to look at other offers. The |
| needs. And if you consolidate your home equity loan | | | | best way to make comparisons isto askfor loan |
| with yourfirstmortgage, you can save even more on | | | | quotes. |
| rates. | | | | These loan estimates should be based on preliminary |
| Options For Paying Off Your Line Of Credit | | | | informationsupplied byyou. Don't allow lenders to |
| A home equity line of credit with its open terms and | | | | access credit report; unless you want toseeyour score |
| rates, makes it anideal candidate to refinance. The | | | | go down. |
| easiest option for refinancing is torollover the loan to a | | | | With loan quote numbers, look at the fine print. |
| second mortgage. You can choose fixed or | | | | Compare the APR foroverallloan costs, but also look |
| adjustableratesand terms. Closing costs will also be | | | | at the closing costs and rates separately. Ifyoudon't |
| minimal. | | | | plan on keeping your home or loan for more than |
| The other choice is to combine your home loans into | | | | seven years, youdon'twant to pay a lot at closing, |
| one mortgage. Thiswillqualify you for lower rates than | | | | even for a small reduction in rates. Youwon'trecoup |
| if you just apply for a secondmortgage. | | | | the cost in such a short time. |
| However, if you already have a low rate mortgage, | | | | Don't Delay Refinancing |
| you could lose out onclosing costs and interest | | | | Once you find a favorable loan offer, start the |
| charges. | | | | application process tosecure the rate quoted. With |
| If you are thinking about doing a total mortgage refi, it's | | | | online applications, your loan can beprocessedin less |
| best tocomparenumbers on your financing options. | | | | than two weeks with paperwork complete through the |
| Factor in how long you have left onyouroriginal loan, | | | | mail. |
| future interest charges, and possible savings. | | | | |