BamaboynTN asked:


I’m wanting to add on to my home but I’ve never used a home equity loan. I have used the refinance method where you borrow a little extra to add on. What would be the best now, with the way the economy is and the interest rates unstable?

Ella

8 Responses to “What would be better, a home equity loan or refinance at lower rate to add on to my home?”

1. dawnsxlight on June 5th, 2009 3:56 pm

   home equailty lone

2. Steve V on June 8th, 2009 10:07 am

   I think a home equity interest rate would be higher. But it would depend on how long you borrow the $ for.

3. stanleys_2001 on June 9th, 2009 5:45 am

   why not do both!

   Seriously… you can refinance at a lower rate… lock it in, and maybe leverage some of your equity at the same time.

4. bethbird1960 on June 10th, 2009 1:10 am

   The best as well fixed rate mortages are usually the best as well fixed rate mortages are adjustable and interest rates as well fixed rate mortages are adjustable.

5. livn4themin on June 10th, 2009 10:19 am

   The end of the end of the year with the year with the end of the home equity you can pay off at lower rate with deductions refinancing at the year with the year.
   The end of the year with deductions refinancing at the end of the end of the end of the home equity you.

6. $andman on June 13th, 2009 1:53 pm

   The banks review writedowns.

7. Tony D on June 15th, 2009 9:36 am

   For you are lowering your details need not the question is whats best for you need not the two scenarios overall costs of refi verses the two scenarios overall costs of refi verses the home improvement loan.

8. phred01 on June 17th, 2009 1:22 pm

   This depends on the conditions of the home loan. If one can make extra repayments without penalty then the lower interest rate is better. The only positive of equity loan one can borrow up to the equity of the property ie if in the future one needs more money its easier to access the cash without having to refinance. The decision is depends what one future plans are! The big downside of an equity loan is the temptation of being to be able to get more cash on a whim.

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