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Home equity?

ben h - 2008-01-30 05:16:54 - Personal Finance

I got hosed as many did with a home equity line of credit. Can I find a bank to refinance only this loan, or do I have to have my mortgage included?

Best Answer:

Your HELOC is a separate debt; you can repay or refinance it seperately.

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Answer:

There are many banks that will re-finance just the second lein (in this case the line of credit) as long as your qualify. It isn't rare that if someone got their primary mortgage 4-5 years ago that it has rates favorable to today, and there is no reason to re-fi that one. You will need sufficient equity, ability to pay, and credit score.

Your HELOC is a separate debt; you can repay or refinance it seperately.