Refinancing Advice Home Equity Loan

by Cathy
(New York City, NY USA)

Ask Kate: Refinancing Advice Home Equity Loan This refinancing advice from a financial adviser provided a homeowner with a solution to pay off her mortgage faster. Take a look and see if you can benefit too.

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Refinancing Advice Home Equity Loan

Kate, I had a conventional 15 year fixed rate mortgage on my coop apartment in NYC. The payments (finance and principal) were about $1100 a month.

I went to a financial adviser and he advised me to convert it to a home equity loan since I had less than 100K in mortgage debt. So I did.

Now the cost is about $300 a month, still tax deductible. I pay down the equity when I have some spare money. This has worked for me.

When I pay off some of the principal the interest owed goes down. I am now about 60K in mortgage debt. And of course, if the financial markets ever recover, I will be able to pay off the home equity loan if I ever sell.

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