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Conversely, should the borrower need more significant proceeds (,000 to ,000) and is restricted to a "tight" budget, a refinance, with its longer repayment terms, might be a better choice.Both options are appropriate in different situations.Refinancing involves receiving a new first mortgage while eliminating the existing home loan.Finance and real estate experts have debated the subject of selecting an equity loan or refinancing one's home for decades.Another significant difference may involve outstanding loan balances and flexibility.Refinancing a home involves disbursing all proceeds and recording a new mortgage loan for the full amount borrowed.This is because credit card debt is perceived as riskier than mortgage debt, and credit card companies charge interest accordingly.

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Some important features of equity loans are fast approvals and closings, low interest rates and closing costs, and tax deductibility (if the proceeds are used for qualifying purposes).(Consolidating debt may be best with a first mortgage, while home improvements may indicate an equity loan option.); What is the current difference between market interest rates of home equity and mortgage loans?(Equity loan "sales" may offer interest rates equal to first mortgage loans.); Does the homeowner prefer the longer payback offered by refinancing a first mortgage (along with paying more interest over time) or the shorter payback (and lower total interest) of an equity loan?It might seem as though there’s no relief from high-interest balances, but you can take steps to lower your burden.For homeowners, one of them is to consolidate your debt and lower your monthly bills by refinancing your mortgage.