Should I refinance my home equity line of credit?

When the repayment period begins on your home equity line of credit (HELOC), the payments could unexpectedly stretch your budget and cascade your finances into a bad situation. If you need a more affordable monthly payment, you could refinance your HELOC. Below, we highlight several ways to do it. 1. Refinance your HELOC into a new one

Can I refinance my home equity line of credit (HELOC)?

To find out more, you can call the Consumer Financial Protection Bureau (CFPB) at 855-411-2372 and speak with a HUD-approved housing counselor. If you find that payments on your home equity line of credit (HELOC) stress your finances, here are a few ways you could refinance your HELOC.

How do I refinance a home equity loan?

To refinance a home equity loan, you must guarantee the transaction with your property and have enough equity in your home. Your lender will consider all loans and mortgages taken out against the property. Most lenders will require a combined loan-to-value ratio (LTV) under 90%.