i have a question re: home equity loan

we already have a 1st and a 2nd mortgage. Can we also get a home equity loan? do you know what the current interest rates are?


i'm just thinking..if the rate is less then we can get a home equity loan, pay off our 2nd mortgage and have some extra money to keep for emergency..

Re: i have a question re: home equity loan

Yes. We have a just in case home equity and a 1st & 2nd Mortgage.

I am not sure what the rate is though. We just got it in January. I think the rate is high for us because we are doing a no draw account.

Re: i have a question re: home equity loan

We had a second mortgage which was an adjustable rate so we wanted to get out of it as soon as possible--in January we refinanced our 2nd mortgage with a home equity loan and got a fixed rate loan and were able to take out an additional $25000 to redo our basement. If the rate is better than you have now I would consider it, plus I think we only had to pay $90 for it.


Added: We went through Commerce and if you have them directly withdraw you get a fixed rate of 6.74. For us this was a great deal since we were paying over 9% interest only 2nd mortgage.

Message edited 3/7/2007 6:34:56 PM.

Re: i have a question re: home equity loan

last night when we were at the bank - we were told the rate was prime... which was 8 %...... and that is always fluctutaing a little bit up and down but pretty constant...

look around for deals... the one we are looking at has an introductory rate of 6% for the first 6 month and no closing costs!