Debt Relief – Insolvency – Bankruptcy Information » Mortgage Refinancing » Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?

Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?

January 8th, 2012 | 2 Comments

A couple of years ago, my spouse and I doubled the size of our home which we had owned “free and clear.” To do so, we took out a 20 year home equity loan for $250,000 at a rate of 5.85%. Since we already owned the home and this was technically not a mortgage, there was no downpayment on this loan. With rates coming down, do we have any hope of refinancing our home equity loan? Or, is refinancing basically restricted to mortgages? Thanks.

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Filed under: Mortgage Refinancing · Tags: equity, home, loan, Mortgage, opposed, Person, refinance, refinancing

2 Responses to "Can a person refinance a home equity loan, as opposed to a refinancing a mortgage? ?"

1. scottsmylie says:

   January 8, 2012 at 9:15 am

   You can refinance a home equity loan. 5.85 seem like a very low rate as it is for a home equity though.

   Reply
2. Noneya says:

   January 8, 2012 at 9:31 am

   because the loan was secured by real estate it is technically a mortgage. If you do refinance you will be looking at a either a new conventional mortgage or a new home equity loan.

   Reply

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