Forget the economy and interest rates in general. The question is, what's best for you? Compare the two scenarios, overall costs of a refi verses the home improvement loan. If you are lowering your first mortgage rate at the same time you take cash out, usually that's the winner. I'd have to have details to make a call but it's your details I need, not the economy or who won the super bowl. If you need more info, send me an email.
Just make sure whichever you choose to make sure it is a fixed rate. With the home equity, you can pay off or consolidate other bills and put it under your home interest to take off at the end of the year with deductions. Refinancing at a lower rate would be ideal
This depends on the conditions of the home loan. If one can make extra repayments without penalty then the lower interest rate is better. The only positive of equity loan one can borrow up to the equity of the property ie if in the future one needs more money its easier to access the cash without having to refinance. The decision is depends what one future plans are! The big downside of an equity loan is the temptation of being to be able to get more cash on a whim.
why not do both!
Seriously... you can refinance at a lower rate... lock it in, and maybe leverage some of your equity at the same time.
re-fi at lower rate,with cash out for add-on,if you can qualify...I heard equity lines were all frozen ,without alot of media coverage,untill the banks review write-downs...
home equailty lone
I think a home equity interest rate would be higher. But it would depend on how long you borrow the $ for.
Read how your interst is charged and any hidden lines about credit rating and interest rates as well. Fixed rate mortages are usually the best as ARM are adjustable and can go to high in interest to ever pay.
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