![]() ![]() Lenders also rely heavily on an applicant’s credit score and debt-to-income ratio when deciding whether to extend a new loan. Refinancing requires homeowners to complete a new loan application and may involve an appraisal and inspection of the home. If you’re interested in refinancing with a HELOC or home equity loan, use Bankrate’s home equity loan rates table to see current rates.Mortgage refinancing is when you replace one home loan with another in order to access a lower interest rate, adjust the loan term or consolidate debt. If you have improved your credit since you got the first HELOC, you might even qualify for a lower interest rate. This allows you to avoid that principal and interest payment while keeping your line of credit open.
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