Pittsfield, MA -- (SBWIRE) -- 06/07/2013 -- Real-estate-yogi.com did, and is here to share its knowledge about this process, including:
- Refinance to New LOC or FR HEL?
- Shop & Compare Rates
- Speak with Loan Officer
- Go Over Documents
Changing to New Line of Credit or Fixed Rate Loan?
Before applying to refinance a home equity line of credit, it might be a good idea to figure out what to refinance it into – another line of credit or a fixed rate home equity loan. If one’s goal is to continue taking cash advances, then getting a new LOC (line of credit) is the way to go. If it isn’t necessary to be able to draw cash and the dependability of a fixed rate appeals, go with the home equity loan.
Click To Refinancing Home Equity Line Of Credit at Flexible Terms in USA!!
Compare Rates and Lenders
Begin shopping for rates and lenders one will be most comfortable with. Refinancing a home equity line of credit into either another line of credit or a home equity loan comes with varying interest rates among different lenders. Ask each financer what the institution’s going rate is for a refinance, if it expires during the term of the loan, and what length of terms are available. A difference of even a fraction of a percentage point can save lots of cash, so put the time into comparing several lenders’ rates.
Talk with Bank Representatives
Speak with a loan officer or personal banker to help with the application for refinancing. If choosing to refinance a home equity line of credit, be sure to express that one needs enough money to pay off the original LOC. Tell the banker or credit union representative which financial institution holds the current HELOC. The two lenders will communicate with each other. The chosen financer will then “buy” the HELOC and issue a new one. Be ready to provide all documentation, such as proof of income, the past two tax returns one has received, and any kind of financial hardship one may be dealing with.
Peruse Bank Documents
After the application for refinancing a home equity line of credit has been filled out, there will be a brief waiting period. As soon as it passes, the bank will mail one the records it holds regarding the refinance. Be sure to go over these documents carefully to ascertain that the rates and terms one agreed to are accurately represented. If there are any errors, let the bank know right away.
www.real-estate-yogi.com is a reputable, no-cost website located in Pittsfield, Massachusetts whose objective is to link folks who have realty-related questions to the experts who can answer them. For a free consultation, dial 800-987-1397.