A home equity line of credit, or HELOC, could supply you with a generous credit limit for a variety of purposes. HELOCs provide a revolving credit line that's secured against your home. Some homeowners use HELOCs to pay for medical expenses, home improvements and other large-ticket items. You can inquire about refinancing your HELOC.
Rate Reduction
Refinancing a HELOC could help a homeowner obtain an interest rate reduction and lower her monthly loan payments. Interest rates for HELOCs are generally tied to the prevailing prime lending rates and could include additional lender points. You can speak with the issuer of your HELOC, as well as other lenders in the marketplace, about lowering your interest rate. Credit unions and local banks may offer you an attractive interest rate if you have a favorable mortgage history and above-average credit scores.
Payoff
Refinancing a primary mortgage could enable a borrower to pay off a HELOC and other debt. Combining your primary mortgage with your HELOC could provide significant monthly savings, because primary mortgage loans hold a first lien position and typically provide lower interest rates than second mortgages or HELOCs. Paying off the balance on your HELOC may position you to save the HELOC for emergencies or other plans.
Closed Account
A borrower who refinances her primary mortgage might decide to pay off and close her HELOC. Combining both loans would result in a single mortgage payment, instead of a primary mortgage payment and a HELOC payment. If you close your account, you'll need to apply for a new loan if you decide to obtain another HELOC.
Disbursement
Disbursements are typically issued after your refinance loan has been funded. If you are refinancing your primary residence, a three-day rescission period must expire before your loan can fund. A rescission period enables you to cancel a refinance transaction if you find a better deal or change your mind.
Consideration
HELOCS are useful for tuition payments, running a business, travel expenses and shopping. You might be able to remodel your home using a HELOC that has a zero balance as a result of refinancing your primary mortgage loan.
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