Since the rates are low we would like to refinance our home. We have owned the home home for 10 years. We would like to put some money down,get a lower interest rate, and change the term to 10 years. When I called the bank the person recommended a Home Equity Loan since we don’t have to pay for the processing like we would a mortgage. He also said since the amount was less than $ 100,000. Does anyone know about this? I have asked around but I think people get confused with a HELOC. Thanks.
Thanks livein md. Are current rate is 6.75% and the one we were looking at would be 4.5%. We are thinking of putting some money down. So it would not be not more than $ 60,000. Thanks.