Consolidate two mortgages7 of 9Some homeowners want to combine their first mortgage with the home equity line of credit."I'm seeing a lot of people, even if their rates on their home equity line of credit is 3 percent, refinancing to get rid of them," Becker says.Why get rid of a loan with such a low rate?"Because they're worried if five years from now, what if that rate jumps up to 12 (percent), 11 (percent), 13 percent?" Becker says.« Back to HARP refi. Related Articles:Conventional refinance?'Cash-in' refi takes offLow score = high paymentLow cost refinanceRelated Links:Refinance home or move?How to kill a loan closingMortgage calculator 101Best mortgage for you? advertisement
Some homeowners want to combine their first mortgage with the home equity line of credit.
"I'm seeing a lot of people, even if their rates on their home equity line of credit is 3 percent, refinancing to get rid of them," Becker says.
Why get rid of a loan with such a low rate?
"Because they're worried if five years from now, what if that rate jumps up to 12 (percent), 11 (percent), 13 percent?" Becker says.
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