Is this a good time to get a Home Equity Loan?

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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?

4 Comments
  1. Reply
    Gem
    April 30, 2011 at 1:22 am

    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.

  2. Reply
    hirebookkeeper
    April 30, 2011 at 2:09 am

    Rates are btwn 6 and 7% in my neighborhood.

  3. Reply
    michelleiiams
    April 30, 2011 at 2:47 am

    I would get a Home Equity Loan just a refinanced 2nd. Home Equity Loans interest rates tend to adjust quite a bit.

  4. Reply
    mortgage help
    April 30, 2011 at 3:35 am

    sounds like it. talk with an experienced loan officer so you can walk through your specific situation.

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