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Over 50 million Americans Are In Debt

Over 50 million Americans are in debt and of these over 1.5 million Americans file for bankruptcy . And a good percentage of the debt-ridden population who are homeowners. Many of these have found a way to bail out of credit card debt and pay off bills by opting to refinancing their home loan.

It is noteworthy that the average consumer seeking a loan will refinance their debt as opposed to getting a home equity loan.

These may choose the cash out option commonly used to pay for college tuition, consolidate bills into one easy payment, for remodeling/major home construction, the purchase of a new car, boat or RV, or make investments. Are home equities the better choice over refinancing?

There are good reasons to reconsider a home equity loan of refinancing.
Here are just a few of them:

There aren’t any closing costs associated with a home equity loan.

If you currently have a lower interest rate, it’s better to get a home equity loan.

You will be required to pay for private mortgage insurance if you end up borrowing more than 80 percent of your home’s equity. In most cases, it’s cheaper to take out a home equity loan.

The interest paid on your account should be tax deductible on the first $100,000 of home equity indebtedness and up to 100% of your home's value. (Consult a tax advisor.)

An additional factor to keep in mind is that, unlike a home equity loan, cash out refinance programs often require hefty closing costs.

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1. You have to pay closing costs when you refinance your loan

2. You don't have to pay closing costs for a home equity loan Closing costs can amount to hundreds, even thousands of dollars.

3. If your current mortgage is at a lower interest rate than current refinance rates, it's probably best to get a home equity loan.

The equity value you have in your home can be used to fund a variety needs such as home improvements and renovations be it adding a room, building a swimming pool, or some other home project.

Debt consolidation such as paying off high-interest credit card debts

Educational funding

Major purchase – such as a new/used car, boat, etc.

Vacation expenses

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Disclaimer: Those using this site understand that Equity Refinance Loan.com is a portal providing access to tools tips and guides provided by some of the top lending marketplaces on the web. Equity Refinance Loan.com is not a lender or broker. Consult your financial professional for questions regarding the various types of lending programs featured in our articles, tips and guides.