*Loan,banking and credit>>>credit line

Is a home equity line of credit the same as refinancing a mortgage?

if i just needed to consolidate bills and pay off some debt which would be the best way to go?

I will tell you what I tell all my other clients, home equity lines are just credit cards of interest against your home, making the basic payments will never bring the principle down and their adjustable. Unless you are going to have that money you are borrowing very soon to pay it off in a lump sum it makes no sense. I will be honest with you yes you do avoid the fees of refinancing but that only helps you in the begginning. Most people end up refinancing the line to consolidate the payments once it adjust any way. Now all that they have done is wasted money because all this time they still owe the principal and they refinanced anyway. Also unless your credit is very good most banks will not allow you to get an equity line. If you like you can log onto http://www.justgetaloan.net there are some tools which you may find useful. You can also get a pre-qualification and register to win a free mortgage payment. We have been able to help people locate low interest rate loas with great terms and service. Additionaly for further assistance feel free to contact me direct at 866 530 7300 ext 7305 or by email at jfreeman@justgetaloan.net Source(s): Jenold Freeman
CEO
Justgetaloan.net

no. home equity loans borrow money against the rising value of your home. if you bought your home for 100,000 and it is now appraised at 150,000, your equity in the home is 50,000. you are borrowing that.
Completely different. In your case, I suggest the HELOC. I don't recommend combining general consumer debt into your home debt.
No, it is not the same.

Home equity loans are designed to enable homeowners to make significant improvements to their property. While not everyone uses the money like this, if you use it to pay down debt, you'll be borrowing from one source to pay off another. If you actually need to make improvements to your home, then your HE loan won't be there.

Plus, a home equity loan is best used for your home anyway. If you borrow $20k and make improvements, you will most likely add at least $20k of value to your home. Therefore, you've simply repurposed the money and improved your quality of living.
A home equity line is normally a second mortgage and is a higher rate than the first mortgage. Determining whether a refinance of the first is more beneficial than an equity line second is really a matter of your own goals and opinion. The benefit of refinancing the first is that you can consolidate the debt at a lower rate and it now converts to tax deductible if it is primary mortgage interest.

Here is some additional info. Hope this helps.
Mortgage http://www.tomvoli.com/category/mortgage...