January 8, 2010, Newsletter Issue #201: Use a Home Equity Loan Instead of a First Mortgage Refinance
Tip of the Week
There are a few reasons why you might use a home equity loan instead of refinancing your first mortgage:
Your first mortgage rates and terms are excellent, or at least better than those you would receive if you refinanced today; You want to use your equity proceeds for a specific project for a relatively short period of time (less than 15 years); You do not want to incur the sometimes considerable expense of closing a new first mortgage loan and you can obtain a home equity loan for little or no closing cost; You need to cash out quickly and don’t want to wait for a first mortgage closing. Getting and closing a home equity loan can be inexpensive, fast, and simple, without all the documentation and added cost of refinancing a first mortgage loan.
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