can you take out a home equity loan to pay off a mortgage and a home equity loan?

(0) | asked by: R ruba | share | 5 months ago | Report
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answer by Sonny Tran    |   Visit My Website   |   Contact Me
Yes, home equity loans usually have very little fees as compared to a full mortgage where title fees and such would also be involved. But there rates are usually a little more than a normal mortgage but all are great alternatives if the rates are lower than what you currently have!
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answer by Ed McKeown    |   Visit My Website   |   Contact Me
You can take out loans for almost any reason if you have the collateral. Yes take a home equity if it makes sense.
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answer by Karen Peyton    |   Visit My Website   |   Contact Me
What you are looking for is a NEW "first" mortgage. A Home Equity Line of Credit (HELOC) may have a variable interest rate and payment. Since you currently have two loans on your home, I'd go with a fixed rate loan with the shortest term possible...a brand new 1st mortgage to pay off the rest. Good luck!
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