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Can I refinance a Home Equity held at another financial institution or an existing AmeriCU Home Equity?

April 26, 2017americu existing financial institution held home equity Refinance

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Can I refinance a Home Equity held at another financial institution or an existing AmeriCU Home Equity?

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A. Some members choose to convert their Home Equity Line of Credit to a Home Equity Installment Loan when the 10-year draw period ends. Others choose to refinance to obtain a shorter-term loan to build new equity more quickly. A lower interest rate and monthly payment on a home equity loan can free up cash for other uses, or make your debts more manageable. Interest rates move in cycles, so the best time to refinance is when rates drop. Typically, rates should decrease by a point or more before you choose to refinance.