Refinance or equity loan? Pros and Cons?Just divorced and need to remove my husband's name from the mortgage. House appraised: $195,000Remaining loan amount: $89,000Credit card debt: $30,000House payment: $758/mo at 5.0% loan rateOptions: $500 fee to complete liability name change, and take out an equity credit line for $30,000 to pay off credit cards (at 5.0% variable interest rate, +$450/mo for 6.5 years to pay off this debt). Keep original loan at 5%.Or...30 year fixed rate at $5.1% interest rate, take out $120,000 loan, pay off credit card debt, and increase house payment to $980/month. Refinance fee $1700. What are the pros and cons?December 18 2010 - Kansas City00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.