HELOC, Home Equity Loans, Cash Refinance Loans
What Is The Difference Between A Home Equity Loan And A Cash Refinance Loan?
If you are lucky enough to own a home, chances are, you've seen an increase in your home's value. Calculate your home equity, as follows: Home appraisal value - Mortgage loan.
New government regulations are allowing homeowners to stay in their homes and lower their monthly mortgage payments by up to $1,000 per month! If you are a homeownerand you haven't refinanced your mortgage loan, you are in for a pleasant surprise. Both home equity loans and cash refinance loans offer great benefits.
A home equity loan is a separate loan from your existing mortgage loan. It is repayable in fixed monthly installments, just like your mortgage loan. The interest rate on a home equity loan may be higher than that of a refinance loan. However, a home equity loan does not have closing costs, which could save you thousands of dollars. In addition, home equity loans tend to be faster in terms of processing than refinance loans since they do not involve the closing process.
Cash Refinance Loans
A cash refinance loan is the same as a mortgage refinance loan. It is advantageous when, interest rates are low and home values have risen. They usually offer lower interest rates than home equity loans.
Mortgage refinance loans are not separate loans like home equity loans, instead they are a replacement of your existing home loan. For example, if your current mortgage loan is $150,000 and the appraised value of the home is $165,000. You can refinance your home for $165,000. This will allow you to take out $15,000 cash to be used as a personal check. Your new mortgage payments will now be based on your new mortgage loan of $165,000.
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