can you refinance a home equity loan

A home equity loan and a cash-out refinance are two ways to access the value that has accumulated in your home. The best choice depends on interest rates. A home equity loan and a cash-out refinance are two ways to access the value that has accumulated in your home. Although the loans are similar, they’re not the same.

A home equity loan is another way of replacing your original mortgage, but it requires an appraisal of your home equity and your home is considered collateral. Like your first mortgage, a home equity loan can be refinanced if it is in your best interest.

A home equity loan gives you money all at once. MORE: How to use a cash-out refinance Cash-out refinancing can make sense if the interest rate offered is lower than the rate on your existing.

In many cases, the answer is "yes." You can refinance a home equity loan or home equity line of credit with a new home equity loan. You might even refinance a primary mortgage this way.

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Home equity loans can cover large expenses such as home repairs, home improvements and college tuition, or help you purchase a second home or consolidate high-interest debt. In those scenarios, a home equity loan may be a good solution, but there are also risks involved.

Another circumstance is you may want to refinance your existing home equity loan if you want a longer term or a larger loan. If you do try to refinance your home equity loan, be prepared to provide financial documentation such as pay stubs, income tax returns, and documentation of asset values.

A home equity loan is a second mortgage which operates similarly to the first mortgage, but usually charges a slightly higher rate. A home equity line of credit (HELOC) operates more like a credit card, as a revolving form of debt which can be drawn upon & paid off as convenient.

Refinancing a first mortgage plus an equity loan usually follows the same underwriting rules as applying for a new mortgage. You must meet income guidelines, be creditworthy and have a low percentage of debt compared to income. Some refinancing programs have modified guidelines.