| Refinancing home or home equity loan?? Confused!! |
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retired2pa
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| Refinancing home or home equity loan?? Confused!! |
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I was talking to my SIL the other day and she told me that the bank where they do business and got their loan for their house 3 years ago (who sold it to Chase) called her and said they (the bank) could "refinance" their house at a much lower rate and bring the loan back to the bank instead of Chase having it. She and her husband went to the bank and got it done. I asked how much it cost to refinance and she said "nothing" and no appraisal was needed and they closed the same day. She said it knocked off 12 years of their loan and brought the payments and interest rate way down. I was confused because my husband and I refinanced last year because our loan was with Chase also through the same bank and we had had nothing but headaches with Chase on escrow problems. We opted not to have our bank refinance because they wanted a higher rate to keep it in-house and not have it go to Chase. The bank we chose was great to work with and it was fairly simple but we didn't have the same low interest/payment and no appraisal as my SIL. When I questioned her further about what they had done she said, "Oh, it was a home equity loan." OK, I was really confused by then but I didn't ask her anything else.
Can you explain what they might have had done? Was it truly a home equity loan. They've only been in their home 3 years.
Thanks so much.
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Wed Apr 28, 2010 7:24 pm |
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retired2pa
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LOL...you're probably right knowing my SIL. She doesn't always get her facts straight. I feel better...at least I'm not the only one confused 
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Fri Apr 30, 2010 4:48 pm |
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anne.jaa31
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The home equity loans allow a homeowner to borrow money to make the house as collateral. Borrowers wishing to borrow a relatively large amount of money or not often good loan credit home loan attractive.Home Office is a source of easy money. The interest rate on a mortgage - far more than a first mortgage - is much lower than credit cards and consumer credit to others.
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Tue Sep 07, 2010 4:36 am |
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Jammy
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| Not home equity loan |
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I don't think it is the home equity loan. It makes more than three years for that IMO.
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Fri Sep 17, 2010 8:57 am |
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moonraker1
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Better to get money without any collateral and enjoy full freedom of your borrowed money.
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Sat Sep 18, 2010 7:24 am |
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