Personal » Borrowing » Refinance

Should I consider refinancing with a Home Equity Loan instead of a mortgage?

Typically a Home Equity Loan that's used as a mortgage is a shorter term (10 or 15 years) than your traditional 30-year fixed rate mortgage. If you're comfortable making those payments, it's a great option. You'll save a lot of money on closing costs than if you refinanced with a mortgage.  Also, if you plan on being in the house for a while, but are still comfortable with that payment, you'll build equity faster and pay off the loan sooner.

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