home equity loan refinance credit

Put A Lid On Rising Mortgage Payments

(ARA) - Do you have a balloon mortgage that is coming due or an adjustable rate mortgage payment that has been steadily creeping up as interest rates change? Or perhaps you've had an unexpected financial hit such as a large hospital bill or a job loss that has made your current mortgage payments unreasonable. If so, refinancing your mortgage can be a great way to save money every month.

Refinancing your mortgage also lets you consolidate other debt, such as credit card balances, into one low-interest loan. You may also want to consider converting some of the equity in your home to cash to use for large expenses such as college tuition or home improvement.

Online services like Refinance.net make it easier than ever to find the best deal on refinancing your home.

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5 ways to reduce home equity credit line

Lots of consumers have watched the rates double on their home equity lines of credit in two years.

Say you took out a credit line at the prime rate two years ago and borrowed $30,000 against it. Back then, you faced a monthly payment of $100. Now that same loan at the prime rate costs $206 per month.

That's even more dramatic than the rise in gasoline prices.

If you have a home equity line of credit, or HELOC, you have at least five options:

Keep the credit line and pay down the balance.

Keep the credit line and grin and bear the higher interest rate.

Pay off the line of credit with a fixed-rate home equity loan.

Get a hybrid credit line with a fixed-rate option.

Pay off the credit line by doing a cash-out refinance of the primary mortgage.

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