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| *Loan,banking and credit>>>credit line |
When taking out equity line of credit do I have to change my current mortgage rate? |
When taking out equity line of credit do I have to change my current mortgage rate? No, your mortgage rate will not be affected when you take out a line of credit--they are two different loans. No, it won't affect your current mortgage rate. As Fido-Dido says, they're two different loans. However, if you're taking out the line of credit to cover home improvements, you may want to look into an equity cash-out refinance to cover your expenses instead. You may be able to refi your mortgage at a lower rate. Ask your friends, and find a mortgage broker you like to help you weigh all your options. In the Bay Area, I recommend Beth at Alternative Mortgage. http://www.altmortg.com/ |
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