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Ask Shop Rate: Jack - Alabama

Posted by  on Apr 16, 2009
 
I currently owe 10 years on my house and would like to remodel. Would refinancing at this point in the loan be good? If I take a cash out loan will my interest rate go up? I would like to take it back to 15 years and borrow enough for the remodel. It all depends on your current mortgage rate. However, depending upon your current interest rate, you might be better off refinance your existing mortgage and take cash out. That is as long as the interest rate is comparable to your existing interest rate. However, if the present value of your home is high enough and you have a rather high current mortgage rate, it might be in your best interests to get a home equity line of credit. In many cases, home equity line of credit rates are often a little above the current prime rate.


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