I'm pretty clueless about this stuff and would greatly appreciate any input. I currently own a mortgage w/ citifinancial mortgage at a hefty 14.9% (although they say they'd lower it .5% after a year of no late pays, it's been a year but they haven't noted or stated any yet.) I've been shopping around to refinance, but it looks like refinancing is almost like going out and getting a new mortgage as the closing costs (appraisal, fees, etc.. are still involved) are ~$1.6k. Two days ago, I received a pre-approved home equity loan from Chase. They didn't mention any rates or costs. Question 1: does a home equity loan involve similar closing costs? Or is it like easier w/o paperwork but at a higher rate? 2: has anyone received and gone through Chase home equity loan? is it hard to get? I have a car loan at even a higher rate, 18.9% so if home equity loans don't involve too many fees and costs, I wouldn't hesitate to tap into my widdle equity to pay down my car. Thanx, hth
I recently got a home equity loan through my credit union. They waived the appraisal fee by using my tax assessed value of the home. Also they were doing a promotion where they would pay $150 towards any fees involved. I only had $100 in charges so it was a wash.
We recently refinanced through NetBank. $10 closing costs. American Express has a promotion going now (using PNC Bank) and closing costs for me in PA would be $95. If you go to their website (AE), and click on home equity, you'll get a chart of closing costs associated with your state. Normally closing costs are HUGE for refinancing, but ya just got be persistent and find those deals. We didn't even have to pay for an appraisal. Ozzy.
Thanks y'all. I did check some links via bankrate.com but haven't found any re-financing packages w/ costs/fees in the area you mentioned. Will keep looking. by ozzy: "Please spay or neuter your pets! " Have you been watching the price is right? hth
