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What is the difference between a home equity loan and refinancing?

April 26, 2017home equity loan refinancing

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What is the difference between a home equity loan and refinancing?

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With a home equity loan, you may borrow against the amount of equity you have in your home. When you refinance your mortgage, you are basically getting a new loan on your home. Most people refinance their mortgage to get lower interest rates, thus making their monthly payments and/or payment period lower.