Home Equity vs Refi Rates - Posted by BR2

import · February 21, 2001, 5:48pm

Posted by Nate on February 21, 2001 at 18:59:18:

All other things (i.e. LTV) being equal, refi is probably a bit cheaper on the rate but you will pay more in closing costs. A lot of banks in this area will pay your closing costs on a home equity loan or line, but the best rate I have seen is prime minus 1/2 (around 8.5%) and you can get about 100 bps lower than that, or 7.5%, on a refi up to the same LTV.

import · February 21, 2001, 5:48pm

Posted by BR2 on February 21, 2001 at 18:48:37:

Could someone tell me if home equity rates and refi rates are the same, or are equity loans higher? Also, is it easier or quicker to get a home equity loan over a refi? Credit rating is excellent.

Thanks in advance.