Is a home equity line of credit the same as refinancing a mortgage?
I will tell you what I tell all my other clients, home equity lines are just credit cards of interest against your home, making the basic payments will never bring the principle down and their adjustable. Unless you are going to have that money you are borrowing very soon to pay it off in a lump sum it makes no sense. I will be honest with you yes you do avoid the fees of refinancing but that only helps you in the begginning. Most people end up refinancing the line to consolidate the payments once it adjust any way. Now all that they have done is wasted money because all this time they still owe the principal and they refinanced anyway. Also unless your credit is very good most banks will not allow you to get an equity line. If you like you can log onto http://www.justgetaloan.net there are some tools which you may find useful. You can also get a pre-qualification and register to win a free mortgage payment. We have been able to
