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Profile picture for debsoptions

i'm looking to cashout/refinance. Our mortgage is at 6.125. is it better to get a home equity loan?

  • May 17 2009 - US
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Answers (3)

Equity loans are generally cheaper than refinancing and can be done quicker. That being said, it would help if you divulged more information. Thanks!
  • May 17 2009
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Profile picture for PRMI Branch Manager
It's fairly difficult to give you an exact answer without receiving exact informaiton to your scenario that was mentioned by Clay above but generically speaking you should keep this in mind:  If you don't have a gameplan to pay back the equity line in the short term(one year or less) then I highly suggest acquiring a mortgage because you would be protected against interest rate hikes which are inevitably going to happen on equity lines once the fed starts increasing the fed funds rate.  Hope this helps. 

Al
  • May 17 2009
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What is your balance, estimated value, credit score, and amt of cash out?
  • May 17 2009
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