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How Can You Refinance if You Have a Home Equity Loan?

how can i refinance with no equity

by Robert C. Young

Refinancing saves you money over the long term.

Apply for a refinance loan with a mortgage lender. Try your current lender first, since it already has the information necessary to underwrite another loan and might give you a good deal to keep your business. Ideally, if you are refinancing a first mortgage and a home equity line into a single mortgage, you want as low a loan-to-value ratio as possible because interest rates increase as loan-to-value ratios get higher and the loan becomes riskier for lenders. Eighty percent or lower loan-to-value is ideal to get the best rates. Depending on your credit, financial profile and lender, you may not be approved for a refinance with a high loan-to-value

ratio. If you have the funds available, you may benefit from paying down your line of credit before applying for a refinance loan.

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