Home Equity Refinancing

Some things to remember about home equity loan refinacing.

• This type of loan involves getting a new loan to payoff your existing home loan and borrowing additional money.

• Get the cash you need in one lump sum.

• Your home is collateral for this type of loan. Make sure that you are able to establish a budget and stick with it. Paying off this loan should be a priority.

• Homeowners who choose this type of loan, should do so only for necessary purposes such as paying for medical expenses, paying off personal debts, and paying for a child's college education.

• Interest rates can be fixed, adjustable, or a combination.

• Cash-out refinancing is a relatively easy and fast way to get cash.

• If getting out of debt fast is a goal for you, consider refinancing with the cash-out option to do this.

• If you are seriously in debt, and your options are becoming limited, cash-out refinancing sure beats filing bankruptcy.

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