How to Refinance a Line of Credit to a Fixed Mortgage

If you want to have access to funds during an emergency, then you may benefit from having a home equity line of credit. However, if you maintain a balance on your equity line, you have to contend with interest rate increases. Uncertainty over future payment increases drives many people to refinance their equity lines with fixed rate mortgages. Your credit score and your income level both have an effect on your ability to refinance, but you should always shop around to find the best deal.

Instructions

Review your equity line of credit statement to find out how much you owe. Do not use your equity line any more once you have made the decision to refinance because your lender cannot underwrite the new loan if your equity line balance keeps increasing. Continue to make your monthly interest only payment to prevent a late payment hurting your chances of obtaining a new loan.

Submit loan applications with three or more lenders. You can do this at local financial institutions or online. If you meet the membership eligibility criteria at a local credit union, submit an application because as nonprofit organizations, credit unions often charge lower interest rates on loans than banks.

Ask each institution to provide you with a good faith estimate for the refinance loan. The GFE lists the proposed interest rate, payment amount and closing costs. If you do not have enough cash to cover the closing costs you can roll the closing costs into the loan, but you can only do this if you have sufficient equity in your home.

Choose the lender that offers you the best deal. Write a check to the lender to cover the cost of your home appraisal. Provide the lender with supporting documentation to support your application such as your past two years of W2s, two years of tax returns, warranty deed and homeowner's insurance declaration page.

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