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Refinance Fixed Rate - The Bills.com Blog
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Refinance Fixed Rate
Question: I have a 15 yr adjustable home equity line, paying only minimum each month. Balance of $74,000. Loan began in October of 2005. Should I try to refinance this loan now to a fixed rate?
Answer: To be perfectly honest, I cannot tell you specifically whether or not you should refinance because I do not know all of the terms of your current home equity line oryour credit history.
But, I can tell you that applying cannot hurt to see if you can save. Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at:
Mortgage Refinance Quote
If you can refinance the current
loan to a fixed rate loan with a lower interest rate without incurring penalties, you should strongly consider refinancing the loan. However, many home equity lines contain prepayment penalties if the line of credit is closed before end of the credit line term, so make sure you carefully review the terms of your home equity line before you move forward with
a refinance. If you are interested in a home refinance loan, I encourage you to visit the Bills.com Home Refinance Resources page at http://www.bills.com/home-refinance/
I hope this information will help you Find. Learn. Save.
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!
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