Many people take out a home equity loan when they need to make repairs on their homes or have an emergency that requires immediate cash. The interesting thing about the loan is that it lasts for a long period of time. Typically a home equity loan is paid back over 15 years or longer. A lot of things change during that time; one of them is interest rates.
It is considered quite normal to refinance a mortgage in order to get a better interest rate and lower payments. However, many people do not even think about the possibility of refinancing a home equity loan for the exact same reasons. With interest rates at all-time lows, it only makes sense to refinance a higher rate home equity loan. Refinancing the loan can also free up cash each month to be used for other bills or for retirement savings.
However, refinancing a home equity loan should not be something that is done without shopping around. Some companies are in the position to offer better interest rates. Downs Financial is one of those companies. Downs Financial is a direct lender of mortgage loans to individuals with all types of credit. We have some of the most competitive interest rates available anywhere.
To see about refinancing your existing home equity loan, fill out our short online registration form. In 15 minutes, you will receive a call from one of our loan professionals. That's all it takes to get on the road to lower payments and more money in your pocket.