Can I refinance my home equity loan?

I have a regular mortgage with a decent rate and a bunch of tax credits so I do not want to touch this. I have a home equity loan with a rate of 11% that I would like to refinance. It would be about $50,000. Would I just be applying for another home equity loan and pay off the one at 11%? Or is there another route? Does my first mortgage effect any of this or is it all based on the two put together against the value of my house?

If you have enough equity in your home you may refinance the 1st mortgage as well as the equity loan (2nd mortgage) into one single mortgage loan.

You would need to contact a local mortgage banker/lender to accomplish this transaction.

This transaction will pay off your existing 1st mortgage as well as your equity loan. You may also roll any cost of this transaction into your new mortgage loan.

Once the transaction is closed you will now have one mortgage to pay each month as oppose to the two you are currently paying.

I hope this has been of some use to you, good luck.

"FIGHT ON"

you can get a fixed note at say 7% or less then I would do that. Yes the first deed of trust as well as current value will have an impact. 80% is the max a cash out loan can go conforming and right now today you can combine both into an FHA note if you get it in and locked next week as 4-1 the max cash out loan will be 85% for FHA