Key takeawaysA home equity loan is usually a fixed-rate lump sum based on the value available in your home. Home equity lines ...

One major difference between Discover and Rocket Mortgage (aside from only the former listing its rates online) is that ...

Take credit cards, for example. Those short-term borrowing products currently have rates averaging over 21%. Personal loan ...

Certain home loans and HELOCs might use variable or adjustable interest rates. In this case, the interest rate you're charged ...

While home equity loan rates at 8.38% (on average) are higher than mortgage refinance rates at 6.80% for a 30-year refinance, home equity loans will allow you to keep your current mortgage rate.

Yes — like a first mortgage, you can refinance a home equity loan. This makes the most sense if you can get a better rate now than when you took out the loan.

If your home’s value has increased, for instance, from $350,000 to $400,000, and you have paid down your mortgage and previous home equity loan to a total outstanding amount of $200,000, you ...

Unlike home equity loans, which add a second payment to your budget, you end up with one new mortgage payment that replaces your old loan’s payment. To qualify for a cash-out refinance, most ...

Refinancing a home equity loan follows a process similar to when you first applied. You’ll want to compare interest rates, apply to multiple lenders, and choose the best offer, ...

If you choose cash-out refinancing, you’ll reduce the equity in your home, and your new loan balance will be higher than your current mortgage. For that reason, while cash-out refinancing is ...

A home equity loan is an additional loan payment, which means it’s one more payment to remember and manage every month. Closing costs are also part of the deal; Cash-Out Refinance vs. Home ...

Cash-Out Refinance: Home Equity Loan: Loan Structure: Replaces your existing mortgage with a new, larger loan. Combines your remaining mortgage balance with the amount of equity you're borrowing ...