Rants on the topic of equity loans
Walk through the steps, and at the end you will know whether or not now is the time for you to refinance. First, what interest rate are you likely to be offered? The better your credit rating and the lower federal interest rates are, the lower your potential interest rate will be. This step is partly dependent on the lending bank's evaluation of you and your financial situation, so you will not know your exact rate until the lender makes you an offer, but reading online sources can give you a good general idea of what to expect. When you know your likely interest rate, decide how long you want the term of the mortgage to be, and use an online mortgage calculator to work out how much your monthly payments will be after the refinance. (The best length is equal to or less than the remaining term of your current mortgage.