Is this a good time to get a Home Equity Loan?
Posted in Renting & Real Estate on 05/14/2009 12:10 pm by admin
Monique R asked:
I have an adjustable rate loan for my second mortgage, and I want to transfer that balance into a fixed loan with a lower interest rate – and 8-9% would be lower than my current rate. Is this the best way to go?
EDUARDO
I have an adjustable rate loan for my second mortgage, and I want to transfer that balance into a fixed loan with a lower interest rate – and 8-9% would be lower than my current rate. Is this the best way to go?
EDUARDO
05/15/2009 at 1:35 am
DARIN
If you already owe the debt, and are not going deeper into debt on your home, it really doesn’t matter. Other than the savings of your interest rate.
Transfering a loan has no (or very little) difference in effect.
After the first of the year I’m doing the exact same thing.
But in Michigan, I would not add any more debt to this house. Nothing is selling around here.
05/15/2009 at 11:38 am
JOHNNIE
Rates are btwn 6 and 7% in my neighborhood.
05/18/2009 at 10:18 pm
JASON
I would get a Home Equity Loan just a refinanced 2nd. Home Equity Loans interest rates tend to adjust quite a bit.
05/21/2009 at 5:39 am
EFREN
sounds like it. talk with an experienced loan officer so you can walk through your specific situation.