I am refinancing my house to get a lower rate can i take out an equity loan still at the one year mark sept

Cesar
We purchased our house back in September. We waited 7 months until we decided to refinance. We got a lower rate but we still only asked to refinance what we owed on the house and nothing more. Due to medical bills and other payments I have wanted to take an equity loan out but I know you have to wait one year in order to have one low payment. Can I still take an equity loan out on the house AFTER I refinance?? Its May and it wouldnt be until September. Is it safe to pull out an equity loan?? Thanks!!

Fredricka
If you have equity in your house then you should be able to take out an equity loan. But, think long and hard before you do. You will have to pay for another appraisal and closing costs for the new loan. I was told by a lender that a home equity line of credit works like a credit card in the way they figure interest so it's hard to get ahead on one. If you have medical bills then make payments to the doctor's and/or hospitals. They do not charge interest. You will do better by making interest free payments to them rather than taking out a loan that you have to pay interest on. Don't let them bully you either. They will take payments, usually as low as $10 a month. As long as you pay them monthly they should be content. I don't have insurance and have had to make payments to hospitals and doctors and haven't had any problems. Last year, my son turned 9 and I finally paid off the hospital bill from when he was born. I don't know what else you are wanting to pay off but seriously consider how much a home equity loan is going to cost compared to what you are wanting to pay off. If you still want to get a home equity loan then call a few of your local banks and ask what they offer and explain your situation. Find out the terms of the loan and how much you will have to pay; payments and closing costs. Then go with the one offering the best loan.

Charlie
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