If you are refinancing to lower your payments, do the math: Remember, when you refinance a home equity loan, make sure you’re aware of any closing costs or other fees. Determine how many months it will take you to cover the fees. It’s not worth refinancing your home equity loan if your fees negate your monthly savings.

When you have two mortgages, refinancing just one can be difficult. When banks foreclose, liens — claims on your property — get paid off in the order they were filed. If you refinance, that lien would get paid off after the home equity loan you already have. Unless the two lenders can work around that, your refi.

When applying for a refinance and home equity loan simultaneously, especially at different lenders, the appraisal can be a problem. Your total loan-to-value ratio, including both the refinance and home equity, can’t exceed 80 percent. If you apply for both loans at the same lender, it will use one appraisal.

When you refinance home equity loans – or any type of loan, for that matter – you can get a lower interest rate and, therefore, a lower monthly payment. This could be a great option for people who are looking to decrease their spending and stay on top of their finances.

I can handle the monthly payments but I’m wondering if it’s better to refinance so I only have one loan on my home. What is better? – Paying it off A. Lots of families use their home equity to pay.

If you have equity in your home, you can apply for a home equity loan at the same time as you refinance. If you anticipate needing some extra cash, either now or down the road, getting a home equity loan – also known as a second mortgage – when you refinance saves you time and money, as well as the stress of going through the financing process twice.

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Whatever your reason, here are your options and the steps you need to take in each case. Option 1: Do a Cash-Out Refinance A cash-out refinance of your home can be a good way to refinance a home.

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