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What is the difference between getting a Home Equity Loan and refinancing my mortgage?

April 26, 2017difference home equity loan mortgage refinancing

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What is the difference between getting a Home Equity Loan and refinancing my mortgage?

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Refinancing your mortgage generally pays off all of the existing mortgages on your home while using your home as security. A Home Equity Loan is simply an additional mortgage (sometimes called a second mortgage) on your home that may allow you to gain a lower interest rate and better terms than other credit options.