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You might think that the only type of home loan you can refinance is a regular mortgage, but in reality, any home loan can be refinanced. You can even refinance home equity loans.
In order to make the commitment to refinancing your home equity loan, research current home equity rates in order to find a new rate that makes the refinance worthwhile. Whether you have a home equity loan or line of credit, you can find more favorable rates if interest rates in general trend downward.
If you do decide to refinance your home equity loan or line of credit, here are a couple of tips to help give you an advantage: